June 23, 2020 / 12:41 AM / 17 days ago

Australia's Cromwell Property gets takeover bid from ARA Asset Management

June 23 (Reuters) - Australia’s Cromwell Property Group said on Tuesday it received a takeover bid from fund manager ARA Asset Management to acquire 29% of Cromwell’s stapled securities.

The takeover bid, via ARA’s unit ARA Real Estate Investors 28, is to buy 29 out of every 100 Cromwell stapled security not already owned by ARA at A$0.90 per security. The acquisition takes the stake owned by ARA to 52.6%.

Cromwell notes the “unsolicited” and “opportunistic” offer, and advises its shareholders to not take any action, it said in a statement. (Reporting by Sameer Manekar in Bengaluru; Editing by Kim Coghill)

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