APDC recommends 360 Capital’s offer
360 Capital Group has welcomed the Asia Pacific Data Centre Group (AJD) board of directors’ recommendation in favour of its unconditional all cash offer of $1.95 per APDC security, in the absence of a superior proposal.
In September, APDC determined that the offer made by 360 Capital Group was a superior proposal and the company announced it would not recommend its security holders not to accept the NextDC conditional offer to acquire all of its ordinary, fully paid, stapled securities at $1.87 per security.
APDC said in a statement, released to the Australian Securities Exchange (ASX), that 360 Capital’s offer price of $1.95 per security represented compelling value as it offered:
- 24.6 per cent premium to the $1.565 price of the APDC securities on 1 May, 2017, the day before 360 Capital announced its acquisition of a 19.82 per cent stake in APDC;
- 18.2 per cent premium to APDC’s net tangible assets per APDC security as at 30 June, 2017;
- 4.3 per cent premium to the NextDC offer of $1.87; and
- 4.0 per cent premium to the $1.875 closing price of APDC securities on 12 September 2017, the last trading day before the announcement date.
APDC stressed that the offer was the only takeover offer capable of being accepted by APDC securityholders.
The company said that the offer was scheduled to close on 6 November, 2017, unless further extended or withdrawn.
At the same time, the NextDC offer has now lapsed.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.