pile of paper staring
Lots happening on he ASX this week. Image – Canva.
  • Vitalharvest offer now at $1.24 or $344.4M
  • Centuria signs joint venture with Bass Capital
  • Glue Store acquired by Accent Group

Hump day turned out to be a minor climax, today the market once again saw the battle for berry and citrus farm company, Vitalharvest (ASX: VTH) continue.

The big week kicked off with Centuria Capital Group (ASX: CNI) proposing a merger with Primewest (ASX: PWG), HomeCo announcing yet another equity raising effort on top of last week’s raise to fund new arm HealthCo. The week saw two big acquisitions: Irongate (ASX: IAP) with two Queensland industrial facilities, and the Glue Store going to Accent Group.

The mid-week wrap can be found here.

The broader market

The market is lower today, the ASX said it dropped “13.30 points or -0.19% to 7042.10”.

At time of publication, the market was at 7,043.40.

asx graph 23 april
Source: Google.

Online retailer Kogan was one of the worst-performing stocks, the top five performers overall were in software, mining, engineering and agricultural sectors.

So far today, the top performers for real estate companies are:

Top-performing ASX listed real estate companies

Company Code Price Change (%)
Accent Group AXI 0.065 4.84
Vitalharvest VTH 1.27 4.53
US Masters Residential Property Fund URF 0.30 3.45
HomeCo HMC 4.87 2.74
Charter Hall Group CHC 13.98 2.64

Source: ASX

The movement

Thursday saw the last day for Macquarie Agricultural Funds Management (MAFM) to respond to the binding offer from Roc Private Equity for Vitalharvest (ASX: VTH). The matching right period started five business days beforehand when Vitalharvest determined that the Roc offer at $1.18 was superior. Yesterday MAFM upped the offer by one cent per unit to $1.19, or $335.15 million in the asset sale alternative.

Vitalharvest then announced today that it received an offer from Roc late yesterday for a jump in unit price offer to $1.23, which was quickly parried by MAFM today with another one cent premium, $1.24. The asset sale alternative now standing at $344.4 million. The original offer back in November last year was for $1.00 per unit, or $300 million.

Centuria Capital Group (ASX: CNI) continued to make announcements, healthcare arm Centuria Healthcare reached a construction milestone in Perth, topping out the Murdoch Hospital oncology facility. CNI also struck a deal with Bass Capital, the 50-50 joint venture worth $24 million with the option for CNI to completely take over Bass in five years time.

Finally, youth apparel retailer Glue Store and distributor Next Athleisure were acquired by Accent Group (ASX: AX1). All owned brands and the retailer will go to Accent, under a newly created division “Accent Lifestyle”.

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