Australia's Irongate rises after co rejects 360 Capital's revised takeover bid

360 Capital

12/11/2021 03:16

** Shares of real-estate investor Irongate Group  IAP.AX 
rise as much as 3.1% to A$1.65
    ** Irongate rejects revised indicative proposal of A$1.70
per IAP security from property investment firm 360 Capital Group
 TGP.AX  for all shares in IAP, which 360 Capital does not
already own  urn:newsml:reuters.com:*:nASX31hk9c
    ** Says revised proposal reflects increase of "only" 3.1%
from the original proposal of A$1.6047 cash per security with no
changes to its "highly conditional" terms  urn:newsml:reuters.com:*:nFWN2RB1KB
    ** Adds revised proposal continues to "materially
undervalue" co 
    ** Latest offer represents 6.3% premium to IAP's closing
price on Wednesday
    ** IAP up 6.7% since TGP's first buyout offer on Oct. 15 and
TGP up 2.4% in the same period
    ** Irongate up ~26% so far this year, as of last close 
    

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))