Good evening,

Samuel Terry Asset Management’s takeover target, Eildon Capital, was shoring up its defences over the Anzac Day public holiday.

Investor sources said the ASX-listed real estate investment outfit was expected to hit back with a rejection on Tuesday morning (not that the bidder sought a board recommendation) and had been talking up its book value.

It’s a stock standard real estate problem. Eildon’s trading at a discount to underlying asset value and the bid’s lower than that but a premium to the last close.

Eildon’s thinly traded and investors would be frilling the board on what tricks it has up its sleeve.

Speaking of property, Dexus’ 1 Margaret Street office tower in Sydney had an under-the-radar bidder in exclusive due diligence.

Real estate sources said the bid was a 15-20 per cent discount to the tower’s June 30 book value, meaning Dexus would be thinking hard on whether it wants to complete the deal or let the auction stall, like its fellow landlords Rest Super and Blackstone have done for their similar assets.

Elsewhere, Macquarie was firing up a lawsuit against casino owner SkyCity Entertainment after a steamrolled car parks deal, Miles Advisory had a new sell-side, and we spotted the first pre-IPO fund of 2023 vintage hit the roadshow circuit.

Happy reading,
Sarah Thompson, Kanika Sood and Emma Rapaport
Street Talk editors