Investa and Cromwell continue takeover standoff

Investa and Cromwell continue takeover standoff

3 March 2017

The Australian

 

The long-standing tug-of-war between Cromwell and Investa is continuing, with Cromwell stating that they will be “very patient” in its pursuit of a takeover of the Investa Office Fund (IOF).

IOF claim that they are yet to receive an actual bid from Cromwell or details about their equity backers. Investa have stated: “At this stage, the Independent Directors have had no correspondence from Cromwell since IOF’s ASX release of 3 February 2017, nor have they received any form of proposal from Cromwell that is able to be considered.”

IOF also stated: “Following the determination not to grant Cromwell comprehensive due diligence, the independent directors have been in regular discussions with Cromwell and are willing to provide Cromwell with limited confidential information in order to facilitate Cromwell being in a position to provide IOF unit-holders with an all cash proposal which is compelling and attractive.”

 

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