- MCT all cash offer for MNACT
A few months back, I wrote about how I hated the Mapletree Commercial Trust (MCT) – Mapletree North Asia Commercial Trust (MNACT) merger.
Well… this morning MCT came back and announced a revised offer:
MCT will now buy out MNACT with an all-cash offer.
To be funded via a preferential offering at $2.0039 per MCT Unit.
That is 100% backstopped by the Mapletree Sponsor.
Spoiler alert – I like this new merger.
As a MNACT unitholder, it was like Christmas come early.
As a MCT unitholder, I mean I still hate the merger, but it’s significantly better than the previous position.
Market seems to agree with me in any case.
MCT closed the day up 0.5%.
While MNACT closed the day up a whopping 8.9%.
What changed with the new MCT offer for MNACT?
There are 3 big parts to the new offer:
