ASX listed Centuria Capital has declared its takeover for NZX listed Augusta Capital unconditional, saying it now has acceptance on 65 per cent of the shares.
Augusta shareholders get 22c in cash and 0.392 Centuria stapled securities for each of their shares.
Once the offer completes, Centuria said today its assets under management will rise by 24 per cent to A$8.9b.
The first $180m offer was withdrawn due to the pandemic but the second offer is going ahead.
John McBain, Centuria joint chief executive, said nearly two-thirds of Augusta shares had been secured within eight business days of the takeover offer.
"We are encouraged by the significant response and we are looking forward to the completion of the offer and expanding Centuria's funds management platform into the New Zealand market. Augusta is a substantial player in this market with a highly effective team. We anticipate New Zealand to be an important growth engine within the Centuria platform," he said.
"Given the relative strength of the Australian commercial market, the position Centuria enjoys on the S&P/ASX 300 and Centuria's strong distribution history, we are excited for so many Augusta shareholders taking up Centuria scrip," McBain said.
On 30 June, Centuria NZ varied its offer by increasing the cash component from 20c to 22c per Augusta share.
The scrip component of 0.392 Centuria stapled securities per Augusta share remained unchanged.
Centuria NZ has notified the increase in the cash component of the offer to Augusta shareholders. All shareholders who have accepted the offer will receive the higher cash component.
Augusta, headed by Mark Francis, specialises in property management.
The new offer values Augusta at $169.5m compared with Centuria's earlier offer valuing it at $180m. Augusta raised $45m in May from a placement and rights issue priced at 55c per share.
Augusta shares were yesterday trading around 93c.