Roc Partners trumps Macquarie with âbindingâ Vitalharvest offer
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The takeover battle between Macquarie and Roc Partners for Costa fruit orchard landlord Vitalharvest ramped up on Thursday after the Sydney private equity firm delivered on its promise to submit a binding and superior offer for the ASX-listed trust by the end of March.
Perpetualâs The Trust Company, the responsible entity of Vitalharvest (VTH) said late on Wednesday it had received a proposal âwhich is expressed to be binding, from Roc Private Equity Pty Ltdâ.
This proposal is to either acquire all the units in the trust for $1.12, for a value of $207 million, via a scheme arrangement, or, if that fails, to buy all the assets of the trust, including the seven berry and citrus orchards leased to Costa Group, for $322.2 million.