The long-running battle for control of Fife Capital's $225 million Australian Industrial REIT has taken another turn, with predator 360 Capital extending its offer into the new financial year.
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It will now close on September 28.
Fife is also developing the York & George residential site in Sydney's city.
In response, Fife's independent board committee said while the structure and terms of the offer have not changed, it is now beyond ANI's June 30, half-yearly distribution record date, which could influence the price.
In a statement to the ASX, Fife's independent chairman Rod Pearse said the IBC, along with its advisers, is undertaking a review of the 360 Capital's offer "to consider, amongst other things, the offer value to ANI unitholders in light of the distribution timing difference between ANI and 360 Capital units".
"It is recommended that ANI unitholders take no action until the IBC has concluded its review," Mr Pearse said. The ANI half-year distribution is 9.6¢.
The fist offer was made by Tony Pitt's 360 Capital Industrial Fund in December last year, offering 0.9 of its units and 4.5¢ for each ANI unit. It later pledged a 10¢ a unit sweetener to accepting shareholders and now holds 31.34 per cent of ANI.
In the notice to shareholders, Mr Pearse said that Fife Capital offers a "stronger asset management platform, superior industrial property expertise and better long-term growth prospects for Australian Industrial REIT than can be delivered by 360 Capital".
Mr Pitt's fund has argued that Fife has spent "$4.4 million of your capital defending its management rights and that Fife Capital has approached several parties in order to sell these management rights". The assertion has been denied by Fife Capital.
