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Aspen makes formal offer to buy seniors rental accommodation operator Eureka Group

Mar 18 2024 Updated March 18, 2024

Ian Horswill

1 min read

The Sydney-based affordable housing group on Friday, 15 March, told the ASX through lawyers Corr Chambers Westgarth, it has made a formal offer to buy the nation's largest provider of affordable seniors’ rental accommodation.

Aspen is offering 0.26 Aspen securities for one Eureka share, which is a discount of approximately 16.3% to the Eureka share price of 54.5 cents.

Eureka said on 14 March it currently intends to recommend to shareholders to reject the offer, subject to the Board of Directors considering an Independent Expert's report.

On Monday, 18 March, Eureka informed the ASX that Ben Cottle's investment business Filetron had increased its stake in the company to 18.39%. On Friday, 15 March, Filetron had increased its stake to 17.97%. The SOURCE reported last Tuesday that Ben, regarded as an ally of Eureka Director Greg Paramor, had increased his stake in Eureka to 13.69%.

Filetron is now the second biggest stakeholder in Eureka, with Aspen Group third biggest at 13.64%.

Browse villages.com.au for the latest on Seniors Living including availability.

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