ARA major shareholder in 'irrevocable' undertaking to vote in favour of buyout

SINGAPORE (Dec 5): ARA Asset Management, which is going through a buyout offer made by a consortium including its founder, has received support from major shareholder Franklin Templeton.

Franklin Templeton, which owns about 10.01% in ARA, has given an “irrevocable” undertaking to the consortium's offer and would vote in favour of the deal.

Last month, investors including US private-equity firm Warburg Pincus LLC, ARA founder John Lim made an offer to buy ARA that values the real-estate fund manager at $1.78 billion.

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