Allens and Minter Ellison are advising Australian real estate investment trust Federation Centres on a $6.1 billion takeover of retail-focused Novion Property Group.
Shopping mall operator Federation is offering 0.8225 shares for every Novion share, or $1.99 each, which is a 10 percent premium to Novion’s closing price on Monday. At the close of the deal, which is expected in June, Novion shareholders will control about 64 percent of the new company while Federation shareholders will hold the remaining 36 percent.
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