Now Vukile bumps up offer for MICC

Posted On Wednesday, 10 November 2004 02:00 Published by eProp Commercial Property News
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Listed property loan stock company Vukile Property Fund, which is in the middle of a bidding war with industry rival ApexHi, yesterday increased its offer for all the units of MICC Property Income Fund.

Gerhard van Zyl

 

 

 

 

 

But ApexHi's revised offer for MICC is higher than Vukile's, so the battle for MICC is not over.

Vukile said it was offering 126 Vukile linked units for every 100 MICC linked units. This means the offer had an implied value of about R6,30 for each MICC linked-unit, calculated using yesterday's Vukile unit price .

Vukile also said it had undertakings from 61,7% of MICC unitholders to accept its offer.

ApexHi is offering to buy all MICC units for a consideration of 36 ApexHi "A" units and 36 ApexHi "B" units for every 100 MICC units, or R320 in cash, 18 ApexHi "A" and 18 ApexHi "B" units.

Vukile CEO Gerhard van Zyl said they were "quite happy" that the offer was "competitive".



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