AIMS expects a drastic increase in its 25 per cent stake in MacarthurCook over the next few days.
AIMS Security Holdings expects to "drastically" increase its 25 per cent shareholding in MacarthurCook, despite its 35 cents a share takeover bid being rejected by the property fund company.
"We are clearly buying more shares," AIMS fund management director Mark Thorpe-Apps said.
AIMS yesterday told the Australian Securities Exchange (ASX) it had increased its holding from 20 to 25 per cent.
"We are reasonably confident that in the next few days you can see that number drastically increase," Thorpe-Apps said.
He said AIMS is in discussions with MacarthurCook shareholders about selling their holdings.
"Some shareholders are clearly leaning towards us," he said.
AIMS increased its previous bid of 30 cents by 5 cents on Wednesday but the bid was immediately rejected by MacarthurCook's board, who said it undervalued the company.
"We are flabbergasted that they could reject an offer straight away," Thorpe-Apps said yesterday.
"We think it is perhaps not going through the best due diligence process," he said.
MacarthurCook did not approach AIMS prior to rejecting the new bid.
The company said there was no reason to do so, because AIMS had not been forthcoming with further details on previous occasions.
"We have had a number of discussions with the firm and we have never really received much clarity in terms of what their intentions are," MacarthurCook managing director Craig Dunstan said.
Dunstan said he was not concerned about the rapid build up of interest in the company by AIMS.
"If AIMS is looking at increasing its stake, then obviously they have confidence in the business platform, and that is a good thing," he said.
MacarthurCook announced yesterday that former Property Funds Australia managing director Chris Morton had acquired an 8.12 per cent stake in the company from Acorn Capital for 34 cents a share on 23 June.
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