Cancelled deal opens door for Hyprop

Posted On Friday, 03 June 2005 02:00 Published by eProp Commercial Property News
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Listed property loan stock company Hyprop Investments has welcomed the news that rival Marriott funds SA Retail Properties and Martprop are scrapping their proposed property transaction.

Pieter PrinslooThe proposed deal, which was announced in March and would have seen SA Retail and Martprop co-owning each other's retail properties, would have prevented a third party such as Hyprop stripping out the assets of SA Retail because of Martprop's pre-emptive right to the properties.

Pieter Prinsloo, MD of Hyprop, which has made a hostile takeover bid for SA Retail, said they were "happy" with the announcement.

"There are now less obstacles in our way to concluding our deal," said Prinsloo.

The SA Retail and Martprop transaction was announced just prior to Hyprop's takeover bid, and analysts believed it was a defensive move to prevent a takeover.

Catalyst Securities MD Andre Stadler said his "first take on the matter is that Martprop is trying to distance itself from the corporate battle taking place in SA Retail by confirming the original proposed transaction won't go further".

"At the moment it could potentially reflect negatively on them in that the transaction could be perceived negatively by unitholders as not being in their interest."

 

Last modified on Wednesday, 07 May 2014 12:45

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