APN Property Group security holders voted in favour of the Dexus takeover. Image – Canva.
  • Vote was held by APD yesterday
  • APD securityholders voted in favour of the acquisition
  • The transaction remains subject to court approval

In a meeting held yesterday, APN Property Group (ASX: APD) voted on the Dexus (ASX: DXS) takeover of APN by acquisition of stapled securities.

The three motions put to the meeting were passed, the takeover now subject to certain conditions including approval of the APN PG Scheme by the Supreme Court of Victoria and the Court granting the second judicial advice in relation to the APD Trust scheme.

That second court hearing is expected to be held on 4 August 2021.

Dexus’ takeover of APN was announced in May this year, the deal was worth $320 million. DXS priced the APN securities at 91.5 cents each, then a 50% premium to the closing price of 61 cents on 10 May.

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 if the schemes are implemented.

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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