Prime Moves to Block BBC / Lend Lease Deal: Update
Prime Retirement and Aged Care Trust has asked the Takeovers Panel to block a proposed $238 million deal between Babcock & Brown Communities (BBC) and Lend Lease, it was revealed this week. In a letter written Friday, Primes directors said Lend...
Prime Retirement and Aged Care Trust has asked the Takeovers Panel to block a proposed $238 million deal between Babcock & Brown Communities (BBC) and Lend Lease, it was revealed this week. In a letter written Friday, Primes directors said Lend Lease should not be able to issue new shares to BBC under the agreement struck by the two groups on October 1. Prime, which has lodged a formal scrip offer to buy 41 percent of BBC, is seeking a declaration of unacceptable circumstances over BBCs deal with Lend Lease from the Panel. Meanwhile, Prime has said it has been receiving acceptances for its own proportional offer.
