In today’s briefing:
- Mapletree Mega-Merger Means MCT Markup
- Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust
Mapletree Mega-Merger Means MCT Markup
- Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) announced their prospective merger on Friday.
- The merger ratio provides an uplift to already strong recent relative performance for MAGIC holders, and strong pro-forma NAV and DPU accretion for MCT holders.
- And it means a lot of flow. Lots and lots of flow.
Mapletree Commercial Trust’s Proposed Merger with Mapletree North Asia Commercial Trust
- Each Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT unitholder will receive either a scrip-only or the cash-and-scrip offer worth S$1.1949 per MNACT unit, a 7.6% premium to the last close price.
- The proposed merger provides Mapletree Commercial Trust (MCT SP) unitholders with meaningful geographic diversification through a DPU and NAV accretive transaction.
- MNACT unitholders will receive an attractive consideration in terms of P/NAV and gross exchange ratio. Both unitholders will benefit from the enlarged REIT’s higher free float and growth potential.
Before it’s here, it’s on Smartkarma
