As of Monday morning, the Bunnings landlord held 57.5 per cent of voting power in its smaller rival. It could end up with over 80 per cent.
Already a subscriber?Bunnings Landlord BWP Trust is closing in on 60 per cent ownership of smaller rival Newmark Property REIT after passing the minimum support threshold for its merger deal to go ahead.
However, it represented a 17 per cent discount to the highly geared fund’s net assets per unit, and well below its December 2021 $1.90 float price.who defended the merger as representing the “best outcome” for NPR’s unitholders Should BWP end up with over 90 per cent of the NPR share register, it will look to compulsorily acquire the remaining units and delist NPR.If BWP ends up with less than 90 per cent, but more than 75 per cent of the NPR share register, it may also seek approval to delist NPR, which would then become an unlisted trust controlled by BWP.
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