The battle for control of the listed Investa Office Fund has intensified with DEXUS Property applying to the Takeovers Panel to intervene and stop Morgan Stanley from voting at next month's meeting.
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Morgan Stanley has a direct 8.9 per cent stake in IOF but DEXUS says the US-based investor has a conflict of interest due to its association with the current manager, Investa Office Management.
"DEXUS has applied for a declaration of unacceptable circumstances. It submits (among other things) that the manager of IOF has acted in a way that prevents unit holders in IOF having a reasonable and equal opportunity to participate in any benefits of the DEXUS proposal," the letter says.
"This includes by sending unit holders a pre-filled proxy form for the forthcoming unit holders' meeting to vote on the DEXUS proposal, and by having a conflict of interest with its duty to act consistently with the responsible entity of the Investa Office Fund."
DEXUS is seeking orders that Morgan Stanley should not vote at the meeting of IOF unit holders.
Investa Office Management, run by Jonathan Callaghan, has called on IOF unitholders to reject the DEXUS offer at the April 8 meeting.
A sitting Panel has not been appointed at this stage and no decision has been made whether the Takeovers Panel will conduct proceedings.
