Fountainhead still considering Growthpoints offer

Fountainhead Property Trust (FPT) said on Thursday it was still mulling over the implications of Growthpoint Properties’ (GRT) revised offer to acquire its assets.

Growthpoint last week increased its offer for Fountainhead from 35 Growthpoint linked units to 37 Growthpoint linked units for every 100 Fountainhead units.

The revised offer represents an increase of 5.7%‚ or R605m‚ above its previous offer‚ and a premium of 12.8% to the closing price of Fountainhead units on February 19.

Redefine Properties (RDF) is also bidding for Fountainhead’s assets after acquiring the trust’s management company in August last year.

Fountainhead said all decisions of the independent committee regarding the proposals are being guided by the assessment of what is in the best interests of unitholders.