Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Event-Driven

<ul><li>Investa Office Fund, or IOF, has received an indicative, conditional and non-binding proposal from Dexus Property Group to acquire all of the outstanding units in IOF.</li><li>Dexus will pay AUD 0.8229 cash and 0.4240 in Dexus securities per IOF unit, implying an offer value of AUD 4.1147 for each IOF unit, representing a 5.2% premium to IOF's pro forma net tangible assets.</li><li>Existing unitholders of IOF will also still be entitled to the full distribution of up to 9.8 cents per unit for the period ending Dec. 31.</li></ul>Analyst: Farina Parsons

Investa Office Fund, or IOF, has received an indicative, conditional and non-binding proposal from Dexus Property Group to acquire all of the outstanding units in IOF.Dexus will pay AUD 0.8229 cash and 0.4240 in Dexus securities per IOF unit, implying an offer value of AUD 4.1147 for each IOF unit, representing a 5.2% premium to IOF's pro forma net tangible assets.Existing unitholders of IOF will also still be entitled to the full distribution of up to 9.8 cents per unit for the period ending Dec. 31.Analyst: Farina Parsons

Investa Office Fund Receives A$4.11 Takeover Offer From Dexus Property Group

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

On the 7 December 2015,&nbsp;Investa Office Fund (ASX:IOF) entered into a Scheme of&nbsp;Arrangement&nbsp;with DEXUS Property Group (ASX:DXS) (DEXUS) pursuant to which DEXUS would acquire all of the outstanding units in IOF.<ul><li>The offer is a mixed of scip and cash;&nbsp;0.424 DEXUS securities and AUD 0.8229 in cash for each IOF unit.</li><li>The implied offer of AUD 4.11 comes at a 7.31% premium to IOF's last close (4 December 2015)</li><li>IOF unitholders will be entitled to receive the full distribution for the 6 months ending 31 December 2015, which is expected to be 9.8 cents per IOF.&nbsp;</li><li>Deal Value ~ USD 1.84bn</li><li>No Shop no talk for 2 weeks.</li></ul>In this insight, we take a look at the transaction, valuation and the immediate trade worth setting up.

On the 7 December 2015,&nbsp;Investa Office Fund (ASX:IOF) entered into a Scheme of&nbsp;Arrangement&nbsp;with DEXUS Property Group (ASX:DXS) (DEXUS) pursuant to which DEXUS would acquire all of the outstanding units in IOF.The offer is a mixed of scip and cash;&nbsp;0.424 DEXUS securities and AUD 0.8229 in cash for each IOF unit.The implied offer of AUD 4.11 comes at a 7.31% premium to IOF's last close (4 December 2015)IOF unitholders will be entitled to receive the full distribution for the 6 months ending 31 December 2015, which is expected to be 9.8 cents per IOF.&nbsp;Deal Value ~ USD 1.84bnNo Shop no talk for 2 weeks.In this insight, we take a look at the transaction, valuation and the immediate trade worth setting up.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Dexus Property Group plans to raise US$300m through a fully underwritten placement. Even though the deal scores a marginal negative score on our framework we would be inclined to take the deal as the company will use the proceeds to acquire new office properties which should be DPU accretive.&nbsp;In addition, seven of the past eight deals by the company have resulted in positive returns for participants.&nbsp;However, things to be watch our for include the tight discount and lack of upside to analyst's target price.

Dexus Property Group plans to raise US$300m through a fully underwritten placement. Even though the deal scores a marginal negative score on our framework we would be inclined to take the deal as the company will use the proceeds to acquire new office properties which should be DPU accretive.&nbsp;In addition, seven of the past eight deals by the company have resulted in positive returns for participants.&nbsp;However, things to be watch our for include the tight discount and lack of upside to analyst's target price.

Raising capital to fund acquisitions. Most of the past eight deals have made money. Take the deal

Australia

Dexus provides real estate services. The Company manages and invests in a portfolio of diversified properties, including office and industrial buildings, retail shopping centers, and car parks. Dexus serves customers in Australia and New Zealand.

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Dexus Property (DXS AU)

Investa Office Fund Receives A$4.11 Takeover Offer From Dexus Property Group

Investa Office Fund, or IOF, has received an indicative, conditional and non-binding proposal from Dexus Property Group to acquire all of the...

Morningstar, Inc.

Over Excitement? We See a Safe Bet

On the 7 December 2015, Investa Office Fund (ASX:IOF) entered into a Scheme of Arrangement with DEXUS Property Group (ASX:DXS) (DEXUS) pursuant to...

Crispin Francis

Raising capital to fund acquisitions. Most of the past eight deals have made money. Take the deal

Dexus Property Group plans to raise US$300m through a fully underwritten placement. Even though the deal scores a marginal negative score on our...

Sumeet Singh

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