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Image – Canva.
  • Victorian Supreme Court approved the takeover
  • Transaction expected to be on 13 August
  • Deal worth almost $320M

Another milestone in the APN Property Group (ASX: APD) takeover has been reached, the Supreme Court of Victoria has today approved Dexus‘ (ASX: DXS) takeover of APN via the acquisition of 100% of stapled securities in APD.

The news follows the APD meeting held on 27 July, where security holders voted in favour of the takeover.

Dexus said the transaction is expected to be implemented on 13 August this year, and APD security holders on the share register on the Scheme Record Date on 6 August will be entitled to receive the Scheme Consideration of 90 cents per stapled APD security. The Scheme Consideration will be paid on 13 August 2021, the Implementation Date.

Takeover

The takeover was originally announced in May this year, a subsidiary of Dexus was set to acquire 100% of APN stapled securities for cash consideration of 91.5 cents per stapled security by way of a scheme of arrangement and a trust scheme.

Total consideration for the takeover is $320 million “on a fully diluted basis”, the company adding that “total diluted securities of 349,638,821 includes 20,090,778 unvested employee share options.”

The consideration agreed with Dexus on 11 May 2021 was 91.5 cents per APN security, less the amount of any permitted distribution paid by APN.

On 11 June, APN announced a permitted distribution of 1.5 cents per APN security, as such the scheme consideration payable by Dexus is 90 cents per APN security, and APN security holders will receive 90 cents per security.

Once the takeover is complete, Dexus said it intended to maintain the current independent board structure of APN Funds Management across the existing APN funds, maximise retention of APN management team, and maintain existing strategies of APN funds.

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