Australian listed real estate company Aspen Group may now sell its stake in retirement village operator Eureka Group after it recently made an attempt to buy the business without success.
Aspen offered 0.225 securities per Eureka share, which created 7 per cent earnings accretion for Aspen and 9 per cent for Eureka.
However, Aspen withdrew its proposal because Eurkea did not engage in any meaningful discussions.
Aspen’s offer valued the company at the time at about $135m excluding debt.
Aspen had purchased about 13.7 per cent of the business in December, when shares were trading at about 39c, costing $16.1m.
It is understood that Aspen is now exploring options for its stake, including a sale of the 40 million shares it owns, valued at about $18.4m.
The $320m Aspen Group is an Australian-listed property group and major provider of accommodation in the residential, retirement and short stay sectors.
Eureka Group Holdings is also listed, focusing on providing affordable accommodation for seniors and disability pensioners.
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