aspen group asx apz
Image: Canva.
  • The offer will be an off-market takeover bid by Aspen.
  • The offer ratio has increased 15.6% from 0.225 APZ securities per EGH share to 0.26 APZ securities.
  • Eureka has not yet received any formal approach from Aspen regarding the intended takeover offer.

Aspen Group (ASX: APZ) has today announced its intent to make an off-market takeover offer for all of the ordinary shares in Eureka Group (ASX: EGH).

In Aspen’s release to the market, it notes that EGH shareholders who accept the offer will receive 0.26 fully paid ordinary stapled securities in Aspen Group (comprising Aspen Group Limited and Aspen Property Trust) for every EGH share, subject to conditions.

The company also noted that the offer ratio has increased by 15.6% from its offer of 0.225 APZ securities per EGH share made in an indicative offer to the Eureka Board, announced by Eureka on 29 March 2023.

Aspen’s offer is subject to several conditions, including a 50.1% minimum acceptance condition.

In an ASX announcement, Eureka said at this stage, EGH has not received any formal approach from Aspen regarding the intended takeover offer.

“In the interim, the Directors advise shareholders to take no action* regarding Aspen’s intended takeover offer,” noted the announcement from Eureka.

APZ said there were several benefits and synergies between the businesses. One such synergy is that both are in the fundamental business of providing affordable accommodation.

Aspen also noted that the merged group would have a nationwide footprint, almost 8,000 homes and sites, including 1,200 approved sites for future development. The company noted that a benefit included improved economies of scale and reduced risk.

~~

* Emphasis removed. Originally: NO ACTION.

This article seeks to provide general information only. See our Terms of Use.



You May Also Like

Perth apartment popularity on the rise, but new stock is still looking for firmer financial foudations

Costs remain a major hurdle to making more affordable apartments viable to build.

Carly Barrett and Paul Rossen awarded the AIA WA President’s Prize

This year’s award recipients have contributed towards growing public interest and understanding of architecture, as well as mentoring the next generation of architects.

2024 Australian Interior Design Awards reveals a record 222 shortlisted projects

Sustainability, collaboration, and timeless natural materials were this year’s biggest trends.

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award categories

This year’s awards include several brand new categories, with entries closing 2 August 2024.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.