In the week of Feb 7-11, market talk revolved around an interloper for Mapletree North Asia Commercial Trust (MNACT). In addition, some noise around an activist Hong Kong-based hedge fund emerged. The interloper has not expressed an interest in MNACT suggesting that market talk is all it is.
When asked if MNACT’s manager would consider an offer from a third party for either the REIT or its assets, MNACT’s manager says, “the MNACT Manager will consider a third party offer for the REIT or assets that materialises, in accordance with its obligations under existing legal and contractual terms”.
To take a step back, on Dec 31, the managers of MNACT and Mapletree Commercial Trust (MCT) announced a proposed merger that valued MNACT at $4,215.6 million, comprising a combination of $417.3 million in cash from MCT, and the balance amount in new MCT units.