Home REIT ends pursuit of sale

Bluestar bid withdrawn

Home REIT will no longer proactively seek to secure a sale of the company, bringing to an end a three-month process.

The revelation comes following the withdrawal of a bid from Bluestar Group, which yesterday (11 May) said it was "highly disappointed" that the board of Home REIT had not granted an extension to the deadline and argued the decision "removes a major element of optionality for shareholders". "The possible offer would have provided a route to upfront liquidity at a valuation level that Bluestar does not anticipate Home achieving in the public markets in the medium term," the company added. Following a meeting on 10 May, the board of Home REIT argued Bluestar's proposal "is unlikely to ma...