In today’s briefing:
- Newmark Property REIT (NPR AU): Merger with BWP Trust (BWP AU)
Newmark Property REIT (NPR AU): Merger with BWP Trust (BWP AU)
- Newmark Property REIT (NPR AU) has disclosed an off-market takeover merger proposal from Bwp Trust (BWP AU) of 0.40 BWP units per NPR unit, implying A$1.39 per NPR unit.
- The proposal is conditional on a 50.1% minimum acceptance condition, which can be waived or lowered. Irrevocables represent 18.35% of NPR units.
- The offer is attractive given the weak sector sentiment due to ongoing high-interest rates. At the last close, the gross spread was 2.6%.
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