26/11/2019

This deal report presents an overview of the key commercial and legal aspects of CHAB’s (a consortium comprised of Charter Hall Group and Abacus Property Group) proposed acquisition of all of the issued units in Australian Unity Office Fund (AOF).

The transaction involved a proposal by CHAB to acquire all of the issued units in AOF via a trust scheme. CHAB announced its intention to acquire all the units in AOF on the same day it acquired a strategic pre-bid stake of 19.9% in AOF for cash consideration of $2.95 per unit. 

Following the execution of a scheme implementation agreement in respect of the Transaction at an improved offer price of $3.04 per unit, CHAB divested its entire pre-bid stake for consideration of $2.95 per unit while maintaining its commitment to the Scheme. The circumstances pertaining to the disposal of the pre-bid stake prompted ASIC to make an application to the Takeovers Panel for a declaration of unacceptable circumstances.

CHAB’s proposal ultimately did not receive AOF unitholder support by the required majorities and so will not proceed to completion.

For more information about this interesting matter, please download the report below.

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