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Cromwell clarifies rumor on takeover bid for IOF


According to Market Intelligence, December 2022


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Cromwell clarifies rumor on takeover bid for IOF

Cromwell PropertyGroup Chairman Geoffrey Levy said the company has no current plans tosubmit an offer for Investa OfficeFund, or IOF.

Levy advised Deborah Page, IOF's independent board committeechairman, about the company being "delighted" to be a security holderin the listed fund, according to an April 14 release.

The Cromwell chairman added that the group "looks forward"to the outcome of the April 15 meeting to vote on the fund's merger with .

Cromwell issued the announcement after media speculation surfacedthat the company is planning a takeoverbid, following the purchase of a 9.83% interest in IOF.It was also reported by The Australian FinancialReview that unnamed sources claim that Cromwell has already voted against themerger.

Cromwell Property Securities Ltd., as responsible entity forCromwell Diversified Property Trust, acquired the interest at A$4.24 per share fromCBRE Clarion, as previously reported.

As of April 13, US$1 wasequivalent to A$1.31.