Macarthur Cook board rejects takeover
The board of publicly-listed funds management, property and investment company Macarthur Cook has decided to recommend to shareholders that they reject a 30 cents a share takeover offer from AIMS Securities but has made clear the company is open to superior offers.
The board’s rejection of the AIMS bid was announced to the Australian Securities Exchange today, with the chairman, Richard Haddock, suggesting the bid was “opportunistic”.
Haddock went on to suggest that shareholders would be better rewarded by Macarthur Cook’s business plans but added “the board remains open to any superior proposals from parties with an interest in Macarthur Cook".
“The board acknowledges the company’s funding requirements, the premium of the AIMS offer to the trading price prior to the offer and the fact that all conditions associated with the offer have been dropped,” he said. “The board believes it is reasonable to reject the AIMS offer given the existing business, its funds management platform in Australia and Asia and the opportunities currently before the board.”
AUTHOR
Mike Taylor
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