CIF gets offer from UK group
A subsidiary of the United Kingdom-based Consensus Business Group has made an unsolicited, in-principle offer to acquire 100 per cent of the securities in the listed Challenger Infrastructure Fund (CIF) for $3.50 per security, valuing the fund at about $1.06 billion.
The unsolicited, in-principle offer from Arkmile, which already holds a 19 per cent stake in CIF, is non-binding and subject to a number of conditions, including completion of due diligence, financing, exclusivity and regulatory approvals.
Arkmile has also expressed an interest in assuming managing rights of the fund, which are currently held by Challenger Management Services.
Challenger Listed Investments, the responsible entity, has indicated it will hold a meeting shortly to consider the offer and has advised shareholders to take no action in relation to it.
AUTHOR
George Liondis
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