The now very boring takeover battle for retirement home operator, Aevum is over with Stockland firmly in control and the companies talking turkey to settle outstanding differences in what became a very bitter battle.
Aevum asked for a trading halt yesterday to allow it to finalise an agreement with Stockland.
Aevum shares will remain in a trading halt until the company makes an announcement to the market, or until the market opens on Friday.
"Aevum is seeking a trading halt pending finalisation of an agreement entered into with Stockland Development Pty Ltd in relation to Stockland’s revised offer," Aevum said in a letter to the ASX.
"Aevum considers that certain details of the agreement will be material information for the market."
As of yesterday, Stockland controlled 64.13% of Aevum shares, giving it majority ownership of the takeover target.
Stockland’s revised offer of $1.80 per Aevum share remains open to shareholders until October 13.
Shares in Aevum last traded at $1.77.
The board of the target opposed the bid and eventually told short term shareholders (i.e. hedge funds and other speculators) to take their profits from the Stockland bid or sell in the market (Stockland originally pitched its offer at 41.50 a share).
The board left the strong impression that longer term shareholders (i.e. themselves) might stay around and prevent Stockland from getting 100% control, which it needs.
Stockland did claim that it would sit on whatever it got, but that was never an option because it would have prevented integration with its own retirement homes business and the extraction of synergy benefits.
