After a bidding war between the two companies to get control of MICC, ApexHi has obtained control of 19% of MICC, while Vukile has control of 66% of MICC's issued capital.

Following the conclusion of both the Vukile and ApexHi offers to MICC unitholders, at least 85% of MICC's issued capital will be held by the two funds.

Vukile said on Tuesday that a maximum of 15% of MICC's issued capital would be held by the public, resulting in reduced tradability and liquidity of MICC linked units.

Analysts have commented that in such a scenario there would be little point in MICC remaining listed because it would be an illiquid fund.

The Vukile offer to MICC unitholders closes tomorrow.

ApexHi CEO Gerald Leissner said yesterday the company never intended to be a unitholder in another fund, and had initially made an offer to the MICC board for the fund's property portfolio.

ApexHi was forced to change its offer in order to compete on a likefor-like basis with Vukile. But Leissner said even if ApexHi was forced to remain a unitholder in MICC, it would benefit from the earnings from the entire property portfolio.