So… Mapletree Commercial Trust and Mapletree North Asia Commercial Trust called for a trading halt on 28 Dec. And trading remained halted for the next 3 days. Speculation in the market went wild about a merger between the 2 REITs. And it turns out the rumours were exactly true – because it was announced that MCT will be buying MNACT. Mapletree Commercial Trust Merger Explained To sum it up – Mapletree Commercial Trust (MCT) is buying over Mapletree North Asia Commercial Trust (MNACT). MNACT unitholders will get an option of either:

1. 100% MCT units– 0.5963 new MCT units at an issue price of S$2.0039 apiece
2. 84% MCT Units, 16% cash– 0.5009 MCT units and S$0.1912 in cash

This works out to a total consideration of $1.1949. S$1.1949 is MNACT’s net asset value (NAV), so MNACT is basically bought out at book value....