- Starwood effectively withdraws its intended takeover offer for AOF of $2.98 per security announced back on 29 January 2020.
- Offer was unlikely to have succeeded, given a number of conditions, including a minimum 90% acceptance. Hume Partners hold 14.6% of AOF and have publicly stated they would not accept the offer. AU’s total stake is 14.9%.
- AOF trades well below recent valuations, impacted by market uncertainty and volatility. In the absence of a short-term catalyst, maintain Hold recommendation.
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