Data centre operator, NEXTDC (ASX:NXT), is facing down a fresh bid from 360 Capital Group (ASX:TGP) for control of its Asia Pacific Data Centre (ASX:AJD) spin-off.
Asia Pacific Data Centre Group told shareholders on 1 September that it had received a new proposal from 360 Capital Group, with the fresh proposal set to hand investors $1.95 per share.
The offer comes just weeks after NEXTDC announced a takeover offer to acquire all the securities of Asia Pacific Data Centre Group not owned by the company.
The data centre operator put forward a proposal for a conditional offer to acquire all of the ordinary, fully paid, stapled securities that it does not already own at $1.85 per security.
The Asia Pacific Data Centre Group is a special purpose real estate investment trust (REIT) which was established to own properties – including land and buildings – that are operated or being developed as data centres.
The sole assets of the publicly-listed group, which was spun off by NEXTDC as an independent entity several years ago, are three data centre properties, Sydney (S1), Melbourne (M1) and Perth (P1), all of which are occupied by NEXTDC under long-term lease arrangements.
NEXTDC’s bid to buy back ownership of the company comes in response to efforts by publicly-listed fund manager, 360 Capital Group, to buy up a controlling stake in the property company and replace its management team with its own.
On 28 August, NEXTDC’s efforts to take back total control of Asia Pacific Data Centre Group were backed by the data centre property group’s directors.
"We welcome the APDC Board’s unanimous recommendation of the NEXTDC Offer,” NEXTDC CEO, Craig Scroggie, said at the time.
Now, it appears that 360 Capital Group’s offer may trump NEXTDC’s confirmed offer, given that the fresh pitch comes in at $0.10 per share over the prior offer.
However, the Asia Pacific Data Centre Group told shareholders that the revised proposal does not, of itself, cause its board to change the current recommendation that shareholders accept the NEXTDC offer.