Investors in the AMP Capital Community Infrastructure Trust (CommIF) have been told that the independent board committee (IBC) has terminated discussions with three potential takeover contenders.
Plenary Group, HRL Morrison and Co and Palisade had submitted separate proposals to take over management of the A$1.4bn (鈧�870m) entity, Australia鈥檚 largest social infrastructure fund.
CommIF鈥檚 responsible entity, AMP Capital Funds Management, established the IBC to formally consider whether any of the proposals was in the best interests of CommIF members.
The IBC, chaired by Ming Long, recommended that AMP Capital remain the manager and responsible entity for CommIF.
91传媒在线 understands that the IBC decision might not be the end of the story. At least two asset consultants are believed to maintain their positions not to recommend further investments into the fund.
An AMP Capital spokeswoman said: 鈥淲e are pleased that, after a comprehensive, independent review, we have been selected to continue managing the fund.鈥�
In response, a spokesman for Plenary Group told 91传媒在线: 鈥淲e believe we have put a compelling case to investors that demonstrates why the Plenary Funds Management team is best-placed 鈥� in terms of talent, experience and stability 鈥� to manage the CommIF portfolio, and we look forward to hearing what investors have to say about it.鈥�
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