What does Dexus (DXS) takeover of APN mean for shares?
DXS +1.76%: one we hold in the Income Portfolio, Dexus made a move on property fund manager APN (APD) today. They offered 91.5cps for the business, a huge 50% premium to yesterday’s close. Dexus have made no secret of the fact that they are looking to build their funds business with this just a small step along that pathway. APN manage two listed funds, the industrial fund under ticker ADI and the Convenience Retail REIT under AQR, managing a total of around $3b vs Dexus over $20b. It’s an aggressive start to the expansion plans, one we like.
MM is bullish DXS
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