TT Investments Moves to Privatise 360 Capital Group with $0.31 Bid
TT Investments has launched an unconditional $0.31 per security takeover bid for 360 Capital Group, aiming to delist the company from the ASX. The Independent Board Committee recommends acceptance amid significant premiums and looming governance changes.
- TT Investments holds 74.84% and targets 75% ownership to delist 360 Capital Group
- Offer price of $0.31 per security represents an 87.9% premium to undisturbed price
- Independent Board Committee unanimously recommends securityholders accept the offer
- Risks for minority holders include reduced liquidity, potential dividend cuts, and delisting
- Executive Chairman Tony Pitt plans to retire if the company remains listed post-offer
Unconditional Takeover Offer
360 Capital Group (ASX, TGP), a real estate investment and funds management group, has received an unconditional off-market takeover bid from TT Investments Pty Limited. The offer price stands at $0.31 per stapled security, a substantial 87.9% premium over the undisturbed price prior to the bid announcement. TT Investments currently holds a 74.84% stake and is poised to cross the critical 75% ownership threshold required to initiate delisting proceedings from the ASX.
Board Endorsement and Expert Valuation
The Independent Board Committee of 360 Capital Group has unanimously recommended that securityholders accept the offer, provided no superior proposal emerges. This endorsement is supported by an independent expert valuation from Grant Thornton Corporate Finance, which assessed the fair value range between $0.296 and $0.335 per security on a controlling interest basis. The offer is final and will not be increased in the absence of competing bids.
Strategic Implications and Risks
Should TT Investments surpass the 75% ownership mark, it intends to apply for removal of 360 Capital Group from the ASX official list. This move would grant the bidder significant control, including the ability to amend the company’s constitution and undertake a strategic review of capital structure, co-investment levels, and dividend policies. Securityholders who do not accept the offer face risks such as diminished liquidity due to a shrinking free float, potential dividend reductions or cancellations, and the challenges of minority ownership under a dominant shareholder.
Leadership Transition
In a related development, Executive Chairman Tony Pitt has announced his intention to retire following the close of the offer if the company remains listed. After 12 years leading the group, Pitt plans to step back into a non-executive chairman role, citing the increasing demands of public listing obligations as a key factor in his decision.
Next Steps for Securityholders
Securityholders are urged to accept the offer before the scheduled close at 7pm Sydney time on 13 November 2025. Acceptance ensures payment within seven business days without brokerage costs. Alternatively, holders may sell their securities on the ASX at the offer price during the offer period. The unfolding outcome will shape 360 Capital Group’s future governance, market presence, and investor returns.
Bottom Line?
As the offer deadline approaches, 360 Capital Group faces a pivotal moment that could reshape its market identity and investor landscape.
Questions in the middle?
- Will TT Investments succeed in securing over 75% to delist 360 Capital Group?
- How will the strategic review post-takeover impact dividends and capital structure?
- What are the long-term implications for minority securityholders if the company is privatised?
