Trading in the Vitalharvest Freehold Trust (ASX: VTH) share price has been paused after an update today on its takeover battle between Roc Partners and Macquarie Agricultural Funds Management (MAFM).
Shares in the Aussie real estate investment trust (REIT) closed at $1.215 per share on Thursday afternoon.
What’s with the Vitalharvest share price?
Vitalharvest is in the middle of a takeover tug of war between the two investment groups. This morning, the Aussie REIT received a further proposal from MAFM, the sixth of its kind. The Sixth MAFM Proposal is offering $1.24 per unit or $344.4 million for the Aussie agricultural REIT.
The latest MAFM update comes after Vitalharvest received an updated offer from Roc yesterday. The Fifth Roc offer valued Vitalharvest at $1.23 per unit or $342.55 million. That offer also changed the scheme implementation deed to reflect likely timing after 30 June 2021.
Both the latest Roc and MAFM proposals permit a 2.5 cents per unit distribution. That has been reflected in the Vitalharvest share price remaining below the headline offer price.
Vitalharvest requested a pause in trading before announcing the latest offer. Both Roc and MAFM appear willing to push their offers higher to acquire the agricultural REIT.
What does Vitalharvest do?
Vitalharvest is an Agricultural REIT that controls berry and citrus farms across Australia. The Aussie REIT has locations across New South Wales, South Australia and Tasmania that are currently leased to Costa Group Holdings Ltd (ASX: CGC).
Vitalharvest has been the target of the ongoing takeover war between the US-based Roc Partners and MAFM. The Vitalharvest share price has surged 24.5% higher since the start of the year on the back of the various proposals.
The Aussie REIT currently boasts a $222.9 million market capitalisation at a price to earnings (P/E) ratio of 18.2 times.
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More reading
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- Why the Vitalharvest (ASX:VTH) share price is up 21% in 2021
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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