Investa Listed Funds Management Ltd., the responsible entity of Investa Office Fund, or IOF, entered into a binding scheme implementation agreement with funds managed or advised by Blackstone Group LP's Blackstone Singapore Pte. Ltd. for the proposed A$3.14 billion takeover of IOF.
It urged shareholders of the target to vote in favor of Blackstone's A$5.25 per-unit cash bid, which was unanimously backed by the manager's directors in the absence of a superior proposal.
Unit holders of the target will meet in August to vote on the takeover offer, and if approved, the scheme is slated to be implemented later the same month.
J.P. Morgan Australia Ltd. serves as Investa Listed's financial adviser, while Allens functions as legal adviser. KPMG Corporate Finance was also tapped to be an independent expert for the planned buyout.