Analyst Note| Adrian Atkins |
No-moat ALE Property Group has received a takeover offer from a Charter Hall-led consortium. The default offer equates to about AUD 5.83 per security, comprising AUD 3.673 in cash and 0.408 securities in the Charter Hall Long WALE REIT, or CLW, which Morningstar doesn’t cover. Investors can also opt for an all-cash offer of AUD 5.626 per security or an all-scrip offer of AUD 1.1546 CLW securities, worth about AUD 6.10 based on CLW's last closing price prior to disclosure of the bid. These alternative offers may be subject to scale-back. Shareholders will also receive a September 2021 quarter distribution of AUD 5.5 cents per security.