June 23, 2020 / 12:51 AM / 11 days ago

Australia's Cromwell Property gets offer for 29% stake from largest shareholder

(Reuters) - Australia’s Cromwell Property Group (CMW.AX) said on Tuesday it had received a takeover bid from its largest shareholder, ARA Asset Management, for 29% of its stapled securities.

Under the offer, made via ARA Real Estate Investors 28, the shareholder has offered to buy 29 out of every 100 Cromwell stapled security not already owned by ARA at A$0.90 per security. The acquisition will take ARA’s stake to 52.6%.

The offer price represents a premium of 3.4% to Cromwell’s last close of A$0.87 on Monday.

Singapore’s ARA said it intends to make changes in Cromwell’s board on obtaining sufficient holding in it.

“A refreshed board with a clear proprietorial focus will bring necessary experience and provide appropriate oversight of Cromwell management,” ARA said in a statement.

Cromwell, in a separate statement, noted the “unsolicited” and “opportunistic” offer, and advised its shareholders to not take any action.

Reporting by Sameer Manekar in Bengaluru; Editing by Kim Coghill and Himani Sarkar

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