Sydney-based private equity firm Roc Partners has thrown a potential spanner in the works of Macquarie’s $185 million takeover of citrus and berry farm owner Vitalharvest Freehold Trust with an 11th hour higher – and highly conditional – offer.

Perpetual’s The Trust Company, the responsible entity of Primewest-managed Vitalharvest, said it had received a non-binding offer from Roc Private Equity to acquire 100 per cent of the trust’s units at $1.08, or $200 million, in total via a trust scheme of proposal.

If that proposal is not approved by the required 75 per cent of voting unitholders, then Roc has offered to acquire all of the assets of the trust, which are leased to Costa Group in cash for $314.8 million. This proposal requires just a simple majority of shareholders.

Read more/Source: Financial Review