Total
0
Shares
Macquarie and Roc bidding war for Vitalharvest (ASX:VTH) escalates
Image: Fin News Network
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • On Tuesday, Vitalharvest (VTH) received the ninth offer from Roc Partners, and now Macquarie has sent its tenth bid, matching the offer
  • Both companies have now offered $1.33 per unit or $357.35 million under an asset sale alternative
  • Macquarie have acquired a further stake in VTH, representing 20.9 per cent of the total number of VTH units on issue — a rise from 16.2 per cent
  • The company intends to vote against the Roc offer if it is put to a vote
  • Vitalharvest shares are sitting at $1.33 in a trading halt, a new high for the company

On Tuesday, Vitalharvest (VTH) received the ninth offer from Roc Partners, and now Macquarie has sent its tenth bid, matching the offer.

Both companies have now offered $1.33 per unit or $357.35 million under an asset sale alternative.

Macquarie have acquired a further stake in VTH, now representing 20.9 per cent of the total number of VTH units on issue — a rise from 16.2 per cent.

The company intends to vote against the Roc offer if it is put to a vote.

Both companies have been one-upping each other in recent months, but the jump to $1.33 by Roc represented the biggest increase since the bidding war started in February.

Macquarie and Roc have proposed changes to its respective proposals, including permitting a distribution for the full year if completion were to occur after June 30, 2021.

VTH is reviewing the tenth Macquarie Agricultural Funds Management (MAFM) proposal and the ninth Roc offer and will update the market as soon as possible. It said VTH unitholders do not need to take any action at this time.

The newest developments are part of a bidding battle that began in early November 2020 with MAFM's first offer of $1 per unit or $300 million for the assets.

Roc originally entered the fray in February of this year with an offer of $1.08 per unit, or $314.8 million for the assets, and the two have been trading blows ever since.

In New South Wales, Tasmania, and South Australia, the Vitalharvest Freehold Trust has four berry and three citrous holdings.

Vitalharvest shares are sitting at $1.33 in a trading halt, a new high for the company.

VTH by the numbers
More From The Market Herald
AssetOwl (ASX:AO1) - Chairman, Simon Trevisan - The Market Herald

" AssetOwl (ASX:AO1) shares soar on 10th inspector360 signing

AssetOwl (AO1) was up as much as 25 per cent today after signing a 10th real estate agency onto its inspector360 property inspection
Centuria Industrial REIT (ASX:CIP) - Fund Manager, Jesse Curtis - The Market Herald

" Centuria Industrial REIT (ASX:CIP) pushes portfolio over $3b with new assets

The purchase of three industrial sites worth $86.1 million has pushed Centuria Industrial REIT’s (CIP) portfolio value over $3 billion.
- Joint CEO, Jason Huljich - The Market Herald

" Centuria (ASX:CNI) launches its largest single-asset unlisted fund

Centuria (CNI) has acquired a 14-level $224 million office building in Footscray, Victoria for a new unlisted fund.
Dexus (ASX:DXS) invests $180m in Australian Unity’s healthcare capital raise

" Dexus (ASX:DXS) invests $180m in Australian Unity’s healthcare capital raise

Dexus (DXS) has made a $180 million investment in Australian Unity Healthcare Property Trust’s (AUHPT) $320 million capital raising.