​Firms secure off-market takeover bid

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Ashurst and Allens have acted in a $242 million off-market takeover bid for Challenger Diversified Property Group by Challenger Life. 

Ashurst, led by partner Sarah Dulhunty advised the Independent Directors of Challenger Listed Investments Limited (CLIL) as responsible entity of the Challenger Diversified Property Group (CDI).
Allens Linklaters advised Challenger Life who currently own approximately 58% of CDI.

The offer price of $2.74 represents a 5% premium to CDI’s closing price of $2.62 on 10 April 2014, being the day prior to the announcement of the offer.

Challenger Life, a wholly-owned subsidiary of Challenger Limited made an unconditional and final cash takeover bid for all the units in CDI that it does not already own.

The CLIL Independent Directors unanimously recommended that CDI unitholders accept the offer.