360 Capital Board Advises No Action as TT Investments Declares Final Bid
TT Investments has increased its unconditional takeover offer for 360 Capital Group securities to $0.31 per security, marking a best and final bid. Meanwhile, 360 Capital's Independent Board Committee advises securityholders to hold off on any action pending an expert review.
- TT Investments ups takeover offer to $0.31 per security
- Offer declared best and final with no further increases expected
- Independent Board Committee recommends securityholders take no immediate action
- Grant Thornton appointed to assess fairness and reasonableness of the offer
- Target’s Statement and expert report to be released in due course
TT Investments Increases Bid
In a significant development for 360 Capital Group (ASX, TGP), TT Investments has raised its unconditional off-market takeover offer to $0.31 per security. This revised price is now positioned as the best and final offer, with TT Investments signaling no intention to increase it further unless a competing proposal emerges.
Board’s Strategic Response
The Independent Board Committee (IBC) of 360 Capital Group has responded cautiously to this updated bid. Rather than endorsing or rejecting the offer outright, the IBC has advised securityholders to take no action at this stage. This measured stance reflects the committee’s intent to provide shareholders with comprehensive information before any decision is made.
Independent Expert Review Underway
To assist securityholders in evaluating the offer, the IBC has engaged Grant Thornton Corporate Finance Pty Ltd to prepare an independent expert’s report. This report will assess whether the $0.31 offer is fair and reasonable in the context of 360 Capital’s current valuation and prospects. The findings will be included in the Target’s Statement, which will be distributed to securityholders in due course.
Market and Shareholder Implications
This development places 360 Capital Group at a crossroads. The increased bid price may attract some shareholders to consider selling, but the board’s neutral recommendation and pending expert analysis inject a note of caution. Investors will be watching closely for the Target’s Statement and any potential rival bids that could alter the takeover landscape.
Looking Ahead
As the process unfolds, the interplay between TT Investments’ firm offer, the independent expert’s assessment, and shareholder sentiment will shape 360 Capital’s future. The company’s experienced leadership and strategic positioning in real estate investment add further complexity to the decision-making environment.
Bottom Line?
The next few weeks will be pivotal as 360 Capital’s securityholders await expert guidance and weigh their options amid a firm takeover bid.
Questions in the middle?
- Will the independent expert’s report endorse the $0.31 offer as fair and reasonable?
- Could a competing proposal emerge to challenge TT Investments’ best and final bid?
- How will 360 Capital’s securityholders respond once the Target’s Statement is released?
