Listed property trust Investa has received a $3 billion takeover bid from funds managed or advised by Blackstone Singapore.
Under the deal, unit holders will be entitled to $5.25 cash per unit minus any distributions. This represents an effective offer price of $5.15 per unit.
At he close, the units were up 11.2% to $5.15.
Blackstone says it has not made a decision about the future management of IOF if the proposal is completed.
The directors of Investa Listed Funds Management Limited say the offer presents unit holders with an opp ortunity to realise their investment for significant value.
“Following finalisation of the Proposal, a binding Scheme Implementation Agreement will be entered into with Blackstone,” the directors say.
Blackstone has been conducting due diligence since April when it made a confidential offer of $5.05 per unit.
Investa, with a portfolio value of around $4 billion, reported an average 14% a year return over three years.
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