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Arrowhead seeks to acquire Emira

25th July 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JSE-listed real estate investment trust (Reit) Arrowhead intends to acquire the majority or all of the issued share capital of fellow listed Reit Emira.

Arrowhead plans to implement the proposed transaction by way of a scheme of arrangement, in terms of which Arrowhead will offer 1.67 Arrowhead share for every Emira share acquired.

Arrowhead has engaged with a limited number of Emira’s key shareholders and has gained the support of shareholders holding about 22% of Emira’s shares.

The takeover is subject to the satisfactory conclusion of a due diligence investigation regarding Emira’s forecast income for the year ended June 30, 2017.

Emira responded in a statement on Monday that its board of directors had not yet had any discussion with Arrowhead relating to the terms and conditions of the expression of interest and that it had not had an opportunity to formally consider its contents.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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