ACCC to review BBC retirement village offer

A $130 million partial scrip offer by Prime Retirement and Aged Care Trust for Babcock & Brown Communities (BBC) has attracted the attention of the Australian Competition and Consumer Commission (ACCC).

Prime’s managing director, Philip Powel, said he received a letter from the ACCC informing him that the consumer watchdog intended to monitor the 40% bid for BBC.

Mr Powell indicated that Prime would cooperate fully with the ACCC.

According to the Sydney Morning Herald, he said: “Prime Trust would comply with the request and provide full assistance to the ACCC review”.

The trust made an unsolicited bid for a $130 million stake in BBC last Thursday with the aim of moving towards a full merger proposal later on.

At the time, BBC directors instructed shareholders to take no action as it investigated the unexpected offer.
BBC’s parent company, Babcock & Brown also holds a 14% stake in retirement company Aevum.