Australia-based real estate investment trust Asia Pacific Data Centre, or APDC, said its board and an independent board committee appointed by Asia Pacific Data Centre Holdings Ltd. have made a recommendation for APDC security holders to sell their shares under NextDC Ltd.'s A$2.02 per-share offer.

The two bodies noted that the aggregate value of the offer price, consisting of a A$2 cash consideration and a 2-Australian-cent special distribution, is greater than the bid price under the takeover proposals forwarded by NextDC and 360 Capital in 2017, Lawrence Gibbs, APDC independent nonexecutive director and chair of the independent committee, said in a letter to security holders.

Gibbs added that the company is not expecting any proposal superior to NextDC's offer now that it owns more than 90% of APDC's securities after 360 Capital sold its entire 67.3% stake in the data center landlord, passing effective control in APDC to NextDC.

NextDC, the primary tenant of APDC's data center portfolio, now intends to compulsorily acquire the remaining securities it does not already own in APDC, under an offer representing its "best and final" price. NextDC's offer is scheduled to close Nov. 26, 4 p.m. Sydney time.

In a separate release, APDC said David van Aanholt will retire as chairman of the board along with Gibbs and nonexecutive director John Wilson.

NextDC CEO Craig Scroggie will replace van Aanholt as chairman of Asia Pacific Data Centre Holdings and will be joined by Douglas Flynn and Stuart Davis as nonexecutive directors.

The changes will take effect Oct. 18.