Australian Unity Office Fund (AOF)

Starwood withdraws takeover offer

  • 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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Published - 20/03/2020

Core Property Rating - Hold

Target - 3.02

This publication is not and should not be construed as, personal financial product advice, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information (general financial product advice) only. Read more here.