360 Capital Group Recommends Acceptance of $0.31 On-Market Takeover Offer
360 Capital Group’s board unanimously recommends shareholders accept TT Investments’ on-market takeover offer at $0.31 per security, matching a prior bid. Meanwhile, the company suspends its minimum holding buy-back program indefinitely.
- TT Investments launches unconditional on-market takeover bid at $0.31 per security
- Independent Board Committee unanimously recommends acceptance absent a superior offer
- Offer price unchanged from previous off-market bid deemed fair and reasonable by expert
- Minimum holding buy-back program suspended indefinitely
- Independent legal advisors Clayton Utz retained by the board
Takeover Offer Revisited
360 Capital Group (ASX – TGP) has responded to a renewed on-market takeover bid from TT Investments, which offers $0.31 cash per stapled security. This offer mirrors the price of a previous off-market bid by the same party earlier this year. The Independent Board Committee (IBC), led by Deputy Chairman David van Aanholt, has once again reviewed the proposal and maintained its unanimous recommendation that shareholders accept the offer, provided no superior bids emerge.
The IBC’s endorsement carries weight, especially since the independent expert Grant Thornton previously assessed the earlier offer as fair and reasonable. The board’s legal advisors, Clayton Utz, continue to provide counsel, underscoring the thoroughness of the review process. The on-market nature of this bid means settlement will follow the standard T+2 ASX process, potentially offering greater liquidity and convenience for shareholders.
Suspension of Buy-Back Program
In a related development, 360 Capital Group has suspended its Minimum Holding Buy-back program, which was designed to acquire and cancel unmarketable parcels of securities. This suspension is immediate and indefinite, preventing eligible securityholders from participating until further notice. The decision suggests a strategic pause, possibly linked to the takeover context, as the company reassesses shareholder value mechanisms amid potential ownership changes.
Strategic Implications
For investors, the board’s firm recommendation signals confidence in the offer’s value relative to current market conditions and the company’s prospects. However, the absence of a superior offer leaves open the question of whether other bidders might emerge. The suspension of the buy-back also removes a liquidity option for smaller shareholders, potentially nudging them toward accepting the takeover bid.
360 Capital Group’s focus on real estate investment and funds management remains unchanged, but ownership dynamics could shift significantly if TT Investments consolidates control. Market watchers will be keen to see if this bid triggers competitive interest or strategic moves from other players in the sector.
Bottom Line?
With the board’s clear endorsement and buy-back suspension, all eyes now turn to whether a rival bid will surface or if TT Investments will secure full control.
Questions in the middle?
- Will any competing bidders emerge to challenge TT Investments’ offer?
- What are the long-term strategic plans for 360 Capital Group under potential new ownership?
- When might the Minimum Holding Buy-back program be reinstated, if at all?
