ARA Asset Management pushed its stake in Cromwell Property Group to 26.7 per cent on Friday after offering shareholders an extra 4.4 per cent sweetener, strengthening its hand in a second push to get directors on the company's board.
The Singapore-based asset manager has been battling to wrest control of Cromwell from chief executive CEO Paul Weightman for more than a year. It lifted its stake from 24.1 per cent after buying shares under so-called creep provisions on the open market at 91.5¢.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
