Mindarie Investment, a subsidiary of Volare, intends to launch a mandatory conditional cash offer for all the issued and outstanding shares it does not own in Alpha Integrated REIT (SGX:M1GU) at SG$0.48 per unit in cash, according to a Tuesday filing with the Singapore Exchange.
This comes after Volare acquired a significant stake in the REIT from ESR Group, which increased the buyer's stake in the target to 41.27%, triggering the mandatory offer under Singapore's takeovers and mergers code.
While the offer is conditional upon Volare receiving valid acceptances, the offeror intends to preserve the REIT's listing status.
Shares of Alpha Integrated rose over 1% in recent trade.