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Aurora removes defeating conditions in RNY takeover

Aurora Funds Management Ltd. removed Oct. 4 all defeating conditions related to its offer to take over RNY Property Trust.

The bidder added the defeating conditions — which includes it amassing a 50% stake in RNY and RNY not selling a substantial portion or all of its properties — have not been triggered as well, as of the same day.

Meanwhile, RNY said that the Australian Takeovers Panel decided against conducting proceedings in relation to Aurora's application to stop the company from engaging with potential buyers for its portfolio. RNY noted that the panel's interim orders that tipped the scales to Aurora's favor are no longer in effect.

Aurora has a 25.02% voting power in RNY.