rocketship
12-04-2014, 12:03 PM
11 April 2014, Sydney – Challenger Life Company Limited (Challenger Life), a wholly owned subsidiary of Challenger Limited (ASX:CGF), today announced its intention to make an off-market takeover offer (Offer) for all outstanding units that it does not currently own in Challenger Diversified Property Group (ASX:CDI). Challenger Life currently owns approximately 58.7% of all CDI units.
CDI unitholders accepting the offer will receive cash consideration of $2.74 per CDI unit. This consideration will be reduced by the amount of any distribution per unit to which CDI unitholders become entitled to during the Offer.
This consideration of $2.74 per unit exceeds the latest published value of CDI's net tangible assets (NTA), which was $2.71 per unit as at 31 December 2013. Challenger Life will not increase the consideration under the Offer.
Challenger Life also intends to conduct on-market purchases of CDI units at $2.74 per unit in accordance with section item 611(2) of the Corporations Act.
I see yesterday they are bidding for over 76 million shares 'on-market' for $2.74. Is there anyone else going to wait or just sell market on Monday?
Interested in your thoughts,
Rocketship
CDI unitholders accepting the offer will receive cash consideration of $2.74 per CDI unit. This consideration will be reduced by the amount of any distribution per unit to which CDI unitholders become entitled to during the Offer.
This consideration of $2.74 per unit exceeds the latest published value of CDI's net tangible assets (NTA), which was $2.71 per unit as at 31 December 2013. Challenger Life will not increase the consideration under the Offer.
Challenger Life also intends to conduct on-market purchases of CDI units at $2.74 per unit in accordance with section item 611(2) of the Corporations Act.
I see yesterday they are bidding for over 76 million shares 'on-market' for $2.74. Is there anyone else going to wait or just sell market on Monday?
Interested in your thoughts,
Rocketship