Hyprop MD Pieter Prinsloo said a circular detailing the Hyprop takeover offer was approved by the JSE Securities Exchange SA yesterday and would be sent out to Hyprop unitholders within the next two working days.

Hyprop unitholders will vote for or against the takeover plan on June 22.

"We're confident we'll get the support of our unitholders," Prinsloo said.

He said SA Retail's board had to send a circular to their unitholders on Monday in terms of Securities Regulation Panel (SRP) regulations, outlining its opinion on whether the Hyprop offer was fair and reasonable to SA Retail unitholders.

"They haven't done this yet," said Prinsloo. "We are not happy with this, because - it leaves uncertainty with their unitholders about the deal."

SA Retail MD Peter Sparks said the company had applied for an extension from the SRP on the posting of the circular. "We are awaiting a ruling on the length of the extension," he said.

Sparks said two issues were pending, one being allegations of frustrating action made by Hyprop against SA Retail.

The allegations relate to a proposed transaction by SA Retail and Martprop, both managed by Marriott, which would have seen the two companies jointly owning each others' retail properties.

The proposed SA Retail and Martprop deal, announced shortly before Hyprop unveiled its plans, would have prevented a hostile third party from stripping out the assets of SA Retail, because Martprop had a pre-emptive right to them.

Hyprop launched its hostile takeover bid at the end of March.