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Mercantile Investment unit to acquire private equity fund

Mercantile Investment Co. Ltd. unit Mercantile OFM Pty. Ltd. is making a takeover offer for private equity fund IPE Ltd.

Mercantile OFM is offering 7.75 Australian cents per share to acquire 100% of fully paid ordinary shares of IPE.

The offer is conditional on the Australian Securities and Investments Commission granting relief on the minimum bid price rule in the Corporations Act to allow Mercantile OFM to take into account a decrease in underlying value in IPE shares. The offer is also conditional on Mercantile OFM acquiring at least 50.1% shares of IPE.

The expected closing date for the offer is July 30.