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  • After Roc sent an ‘overbidding’ offer last Thursday, VTE has now accepted Macquarie’s latest offer of $1.295 per share
  • The ninth Macquarie Agricultural Funds Management’s (MAFM) offer of $1.295 per share or $354.575 million in the asset sale alternative was deemed “likely to provide an equivalent or superior outcome” to the recent Roc Partners bid of $1.29
  • The VTH board unanimously recommended that unitholders vote in favour of the MAFM bid, in the absence of a superior proposal and subject to the independent expert evaluation
  • On May 26, 2021 Roc sent in an offer of $1.29 per share that included an intention to overbid any further offer by one cent per share more
  • VTH is currently sitting at $1.30 a share in the midst of a trading halt

After Roc sent an ‘overbidding’ offer last Thursday, VTE has now accepted Macquarie’s latest offer of $1.295 per share.

The latest offer is a continuation of a bidding war that started with Macquarie Agricultural Funds Management’s (MAFM) original offer of $1 per unit or the assets for $300 million in early November 2020.

In February this year, Roc first entered the party with an eight offer of $1.08 per unit or $314.8 million offer and it has been back and forth since.

The ninth MAFM offer of $1.295 per share or $354.575 million in the asset sale alternative was deemed “likely to provide an equivalent or superior outcome” to the Roc bid.

The VTH board unanimously recommended that unitholders vote in favour of the MAFM bid, in the absence of a superior proposal and subject to the independent expert evaluation.

On May 26, 2021 Roc sent in an offer of $1.29 per share that included an intention to overbid any further offer by one cent per share more.

The VTH board said they do not consider the move legally binding, and noted that if a further bid is to be received, it will consider and update the market accordingly.

As part of the original bid back in November, MAFM acquired matching rights, which allows them five business days to improve their bid if a higher bid is made.

Earlier in May, MAFM exercised a call option to acquire 30 million units in VTH held by the trust’s manager Primewest, approximately 16.2 per cent of the total units.

MAFM has proposed certain differences to the existing scheme implementation deed, including removal from the definition of ‘Material Adverse Change’ of the limb relating to a reduction in the funds from operations of the VTH Group.

The next shareholder meeting is scheduled for June 10 with the proxy deadline closing on June 8.

Vitalharvest Freehold Trust has four berry and three citrus properties spread across New South Wales, Tasmania and South Australia.

VTH is currently sitting at $1.30 a share in the midst of a trading halt.

VTH by the numbers
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