Next DC to let bid slide

BRISBANE-BASED Next DC has let lapse its $215 million bid for real estate trust Asia Pacific Data Centre in the face of a higher offer from a rival.

Next DC still plans on seeking two board positions at APDC, which owns properties that are operated or being used as data centres.

The moves were announced yesterday and follows Next DC having accumulated a 29 per cent stake in APDC. Next DC said it would “evaluate developments when key information becomes available”.

Next DC had been offering $1.87 for every APDC stapled security, but earlier this month property and funds manager 360 Capital came over the top with a $1.95 per security cash offer. That values the real estate trust at $224 million.

APDC’s directors have called for a bidders’ statement.