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Acceptance period for Aurora-RNY takeover gets automatic extension

The acceptance period for Aurora Funds Management Ltd.'s off-market takeover bid for all the units in RNY Property Trust was automatically extended to Oct. 24 from a previous deadline of Oct. 11.

The 14-day automatic extension was a result of an increase in the fund's voting rights in RNY to more than 50%. Aurora Funds, on behalf of Aurora Property Buy-Write Income Trust, made a cash bid of 1.5 Australian cents apiece for the units in August before announcing a conditional increase of the offer price to 1.7 cents per unit in September.

RNY's manager, RNY Australia Management Ltd., recommended Aurora's bid after the offer was deemed unconditional.