Dexus Property Group offered to buy Investa Office Fund in a deal valuing the Australian real estate investment trust at about A$2.5 billion ($1.8 billion).
Dexus offered 0.424 of its securities and about 82 Australian cents in cash for each IOF share, implying an offer value of A$4.11 per share, the target said in a statement Monday. That’s 5.7 percent more than IOF’s last closing price.
The board intends to unanimously recommmend the indicative, non-binding offer, according to the statement.
Link to Statement:Link