MORGAN Stanley Real Estate's takeover bid for Investa cleared another hurdle with the Foreign Investment Review Board approving the move.
Investa told the market yesterday that it has received notification that the FIRB has no objection to Morgan Stanley’s proposal to acquire all the stapled securities in Investa.
This is the second hurdle cleared by MSRE, after it gained the independent experts nod almost a fortnight ago.
KPMG said MSRE’s $3.08 per stapled security bid is in the best interests of Investa securityholders and is fair and reasonable to the non-associated Investa securityholders.
According to the report, Investa has been valued between $2.85 and $3.15 per stapled security.
Australian Property Journal
