Charter Hall-managed partnership bids $901 mln for Australia's Irongate (updated)

360 Capital

30/01/2022 23:55

(Adds details on deal, background, and shares)
    Jan 31 (Reuters) - Australia's Irongate Group  IAP.AX  said
on Monday it has received a A$1.29 billion ($901.45 million)
takeover bid from a partnership managed by property investor
Charter Hall Group  CHC.AX , topping a rejected offer by 360
Capital  TGP.AX . 
    The partnership, comprising Dutch pension fund PGGM and
Charter Hall, made a bid of A$1.90 per share for the real-estate
investor, representing a premium of 21% to the stock's closing
price on Jan. 28. 
    Shares of Irongate soared 19.1% to a record high of A$1.87. 
    The latest offer comes in higher than the revised bid of
A$1.72 per share from 360 Capital, an Australian investment and
funds management group, but was rejected for not "adequately
reflecting the underlying value" of the company. 
    The Charter Hall proposal includes a memorandum of
understanding with 360 Capital, and it contains a call option
over 360 Capital's 19.9% shareholding in Irongate.
    360 Capital did not immediately respond to a Reuters request
for comment. 
    The Charter Hall-PGGM partnership expects to fund the
proposed transaction from existing financial resources and new
debt facilities.  
        
    ($1 = 1.4310 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru; Editing by Sandra
Maler and Sherry Jacob-Phillips)
 ((Harish.Sridharan@thomsonreuters.com;))