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A S$1.58 BILLION merger between Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) has been proposed by the managers of both real estate investment trusts (Reits).
The proposed deal will be by way of a trust scheme of arrangement, which will see FLT acquiring all units of FCOT for about S$1.54 billion, the managers said on Monday in a bourse filing.
FLT will pay the scheme consideration via a combination of cash and the issuance of new FLT units to FCOT unitholders.
For each FCOT unit they hold, FCOT unitholders will receive S$0.151 in cash and 1.233 new FLT units at an issue price of S$1.24 apiece. This means FCOT unitholders will be paid a scheme consideration of S$1.68 for each FCOT unit held, which implies a gross exchange ratio of 1.355 times.
This represents a premium of around 0.6 per cent, 3.5 per cent and 8.2 per cent to FCOT's last traded price on Nov 27, one-month volume-weighted average price (VWAP) and 12-month VWAP, respectively.
The total cost of the proposed merger will be around S$1.58 billion. This comprises the S$1.54 billion scheme consideration, as well as a S$11.2 million acquisition fee and S$35 million in professional and other fees.
Real estate related news stories from Singapore
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- Frasers Property to merge two Reits into $5.7 billion entity
- Chart of the Day: Share of resold low-cost condos edged up to 24.9% in Q3
- FLT and FCOT propose merger for $1.54b
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