Prime Trust Pushes Babcock Trust Bid Despite Agreement With Lend Lease
Late last week, Prime Retirement and Aged Care Property Trust pressed ahead with its scrip offer for Babcock & Brown Communities (BBC) despite Lend Lease and BBC having agreed on a two-stage transaction through which the former will acquire 41...
Late last week, Prime Retirement and Aged Care Property Trust pressed ahead with its scrip offer for Babcock & Brown Communities (BBC) despite Lend Lease and BBC having agreed on a two-stage transaction through which the former will acquire 41 percent of the latter for $236.8 million. Undeterred, Prime sent out a bidders statement to BBCs 10,500 unit-holders; its executives stating the Lend Lease offer was not guaranteed to succeed. BBC chief executive John Martin said they would respond to the bidders statement within 14 days; the company has already endorsed the Lend Lease deal.
