Macquarie Goodman Japan abandons plan to take control of J-REP
Macquarie Goodman Japan Pte. Ltd (MGJ), a joint venture fund held by Australia’s Macquarie Bank and Goodman Group, the logistic and property investor partially owned by China Investment Corporation, has scrapped plans to take the remaining shares of J-REP that it doesn’t own. MGJ, which already holds a 51.75% stake in J-REP, initially made a tender offering bid at a valuation of ¥2.1 billion ($25 million).
MGJ was able to only obtain a further 20% stake to increase its stake to 71.75%. Following the unsuccessful result of TOB, MGJ proposed a squeeze out with the help of legal adviser Freshfields Bruckhaus...
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