Australian Unity called the Canadian suitor’s efforts to highlight the increases in its offers ‘meaningless’ as earlier proposals had ‘materially undervalued’ the healthcare real estate fund.
NorthWest open to higher bid for Australian Unity fund
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Canadaâs NorthWest Healthcare Properties has signalled it is willing to improve on its $2.3 billion bid to take over an Australian Unity-run property trust, while urging the fund manager to address its own potential conflict of interest.
The Canadian powerhouse investor has issued a comprehensive response, it is understood, to Australian Unity Fund Management, following the fund managerâs own blunt dismissal of NorthWestâs offer last week.
The Australian Unity-run fund includes Robina Private Hospital on the Gold Coast.Â
Australian Unity had told investors in the unlisted Australian Unity Healthcare Property Trust that NorthWestâs $2.20 per unit offer was effectively a low-ball bid and it was not in their best interests for the Australian Unity-controlled manager to engage in any further discussions with the Canadians.
NorthWest presses for Australian Unity fund
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Canadaâs NorthWest Healthcare Properties has stepped up the pressure in its $2.3 billion bid to take over an Australian Unity-run fund by requesting the unitholders register, a move that lays the groundwork for a potentially decisive vote on the property trustâs future by its own investors.
Partnered by Singaporeâs GIC, the ambitious and acquisitive NorthWest has been at loggerheads with the manager of the Australian Unity Healthcare Property Trust after lobbing a $2.20 per unit bid two weeks ago and establishing control over a 16.2 per cent stake.
That stake â established though a put-and-call arrangement with one of the fundâs largest shareholders, Hume Partners â has allowed the Canadian team to request the register. It also gives the Canadians a beachhead from which it can call a unitholders meeting that could vote on changing the propertyâs trust manager and or endorse NorthWestâs