ComProp says Safari deliberately thwarted its takeover bid
Safari has said an independent board was unable to reach an agreement with ComProp on certain legal and commercial aspects of the deal
Comprop, the unlisted property fund that is part of the Futuregrowth Asset Management stable, says mall owner Safari Investments’ board took measures to deliberately thwart its takeover bid for the listed real estate counter.
The group released a statement on Wednesday in response to Safari’s board saying on Tuesday that it would not endorse ComProp’s offer because it believed the offer may fail in a shareholder vote. Safari said an independent board appointed to communicate with ComProp was unable to reach an agreement with the group on certain legal and commercial aspects of the proposal, including cost recovery should the scheme fail. Safari also said it would not be commenting further. ..
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