SINGAPORE (Apr 25): Activist investor Quarz Capital Management has issued an open letter to the manager of Ascendas Hospitality Trust (A-H Trust) urging for its merger with Ascott Residence Trust (ART) to resolve the key issue of overlapping investment mandates between the two REITs and deliver substantial value to unitholders of both camps.

Quarz is proposing ART acquire A-H Trust in a cash and unit transaction where 0.75 units of ART and $0.18 of cash will be exchanged for one unit of A-H Trust. This values each unit of A-H Trust at $1.08 which is at 8% premium to book value.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook