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MCT, MNACT unitholders approve merger to create third largest Reit in Singapore
The approval of the merger from both sets of unitholders comes after the managers of the 2 Mapletree Reits in March offered MNACT unitholders the option to receive the entire scheme consideration of their proposed merger wholly in cash, at S$1.1949 per unit.
The cash-only consideration is the default form of the scheme consideration under the revised trust scheme.
To fund the additional cash requirement of up to S$2.2 billion from the cash-only option, MCT will make a preferential offering of up to 1.09 billion units at S$2.0039 each – which is the same as the scheme issue price of each consideration unit.
Mapletree Investments – a privately held unit of Temasek Holdings and the sponsor of both MCT and MNACT – has provided an undertaking to subscribe up to the full S$2.2 billion in the preferential offering at the issue price.
Under the original proposal of the trust scheme, MNACT unitholders would receive a scheme consideration of S$1.1949 for each MNACT unit held, either in the form of 0.5963 new MCT units at an issue price of S$2.0039 each, or a combination of 0.5009 consideration units and S$0.1912 in cash.
The cash-only option was seen as a way to appease disgruntled unitholders on both sides.
https://www.businesstimes.com.sg/compani...-singapore
MCT, MNACT unitholders approve merger to create third largest Reit in Singapore
The approval of the merger from both sets of unitholders comes after the managers of the 2 Mapletree Reits in March offered MNACT unitholders the option to receive the entire scheme consideration of their proposed merger wholly in cash, at S$1.1949 per unit.
The cash-only consideration is the default form of the scheme consideration under the revised trust scheme.
To fund the additional cash requirement of up to S$2.2 billion from the cash-only option, MCT will make a preferential offering of up to 1.09 billion units at S$2.0039 each – which is the same as the scheme issue price of each consideration unit.
Mapletree Investments – a privately held unit of Temasek Holdings and the sponsor of both MCT and MNACT – has provided an undertaking to subscribe up to the full S$2.2 billion in the preferential offering at the issue price.
Under the original proposal of the trust scheme, MNACT unitholders would receive a scheme consideration of S$1.1949 for each MNACT unit held, either in the form of 0.5963 new MCT units at an issue price of S$2.0039 each, or a combination of 0.5009 consideration units and S$0.1912 in cash.
The cash-only option was seen as a way to appease disgruntled unitholders on both sides.
https://www.businesstimes.com.sg/compani...-singapore