Duet Asset Management's offer includes a €57 million capital injection into Habas in exchange for its shares in Dutch REIT NSI.
Duet Asset Management Ltd. of the UK is close to securing approval of Habas HZ Investments Ltd. (TASE: HABS) bondholders, after they instructed the company's trustees to halt negotiations with Aspen Group Ltd. (TASE:ASGR). Habas owes its bondholders NIS 450 million.
Duet's offer includes a €57 million capital injection into Habas in exchange for its shares in Dutch REIT Nieuwe Steen Investments NV (NSI) (AEX:NISTI). The offer is now before Habas's bondholders. The bondholders should receive NIS 133 million (€28 million) from Duet's payment. Most of the payment, €40 million, will be used to repay the loan Habas took from Dutch Rabobank to buy the NSI shares.
The decision by Habas's bondholders is disappointing for Aspen, which had been trying to take over the company for months through a debt settlement. Duet's offer came on the day Aspen's offer expired last week.
Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2013
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