Asia Pacific Data Centres backs Tony Pitt's higher offer

Nick LenaghanProperty editor

Updated Sep 14, 2017 – 5.24pm, first published at 8.42am

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The board of Asia Pacific Data Centres has thrown its support behind 360 Capital's strengthened $1.95-a-share bid, which pips a rival bid by its tenant NextDC.

Led by Tony Pitt, 360 Capital improved the terms of its proposal on Wednesday, putting up an unconditional, all-cash, off-market takeover offer that tops a rival $1.87-a-share offer from NextDC, which had previously been endorsed by the board.

Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.