Should Ivanhoe Cambridge be allowed to vote on ARA Logos' merger with ESR-Reit?
Using its 8.7 per cent block of ARA Logos units to push the merger through could further irritate minority investors
Add BT as a preferred source
WHEN ESR-Reit and ARA Logos Logistics Trust (ARA Logos) announced their proposed merger on Oct 15, they said an entity called Ivanhoe Cambridge Asia - which holds nearly 126.7 million units in ARA Logos, amounting to more than 8.7 per cent of its total outstanding units - has provided an irrevocable undertaking to support the deal.
This irrevocable undertaking could be crucial to whether the merger goes through - not least because the terms of the deal have not gone down well with many other unitholders of ARA Logos.
The joint announcement did not, however, mention that Ivanhoe Cambridge also owns a stake in Logos - the sponsor group of ARA Logos - for which it is to be handsomely paid as ESR Cayman completes its acquisition of ARA Asset Management for US$5.2 billion.
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Rare brutalist Singapore house opens to the public before changing hands
