Property loan stock group Redefine Properties has announced on Thursday that its unitholders had approved the implementation of the proposed acquisition of the 19,686,558 Hyprop Investments units from Coronation Asset Management.
The acquisition means that Redefine's stake in Hyprop will increase from 33.3% to 45.2%, triggering a mandatory offer to remaining Hyprop unitholders.
The resolutions required to approve the implementation of the transactions were passed by approximately 62% of the Redefine units represented, in person or by proxy, and voted at the meeting, Redefine said.
Redefine wants a further 19,686,558 Hyprop units from Coronation at a price of R50 per Hyprop unit. Currently, it holds 55,323,970 Hyprop units.
Hyprop said on August 4 that its board was opposed to the offer, as it was not "fair" after an assessment of an independent review conducted by Deloitte & Touche Corporate Finance.
"To the extent that Redefine acquires sufficient Hyprop combined units to afford Redefine control of Hyprop, the Board is of the view that the price paid should include an appropriate premium for control, which premium should be approximately 20% above the 30 day VWAP, volume weighted average price, at which Hyprop combined units traded prior to Redefine's announcement of the acquisition. This would equate to an indicative price per combined unit of approximately 58 rand," it said.
The acquisition was first made on 24 March 2010.
Hyprop owns prime regional and super regional shopping centres across South Africa.
