APN Property Group asks for approval for buy-out by Dexus

Australia-based APN Property Group has announced it has entered into a scheme implementation deed with Dexus where it is proposed a subsidiary of Dexus will acquire 100% of APN stapled securities for cash consideration of 91.5 cents per stapled security by way of a scheme of arrangement and a trust scheme.

The schemes value APN’s issued securities at approximately $320 million on a fully diluted basis. The cash price of 91.5 cents represents a 50.0% premium over the closing price of APN securities of 61.0 cents on May 10 2021, the last trading day before this announcement.

In the absence of a superior proposal and subject to the Independent Expert concluding the schemes are in the best interests of APN security holders, the directors of APN and APN RE Ltd have unanimously recommended that APN security holders vote in favour of the schemes.

The companies expect a decision on the proposal to be made by late June this year.