Aurora Property Buy-Write Income Trust (ASX:AUP), a fund managed by Aurora Funds Management Limited made an offer to acquire remaining 77.9% stake in RNY Property Trust (ASX:RNY) from a group of shareholders for AUD 3.1 million on August 28, 2017. Aurora Property Buy-Write Income Trust offered to acquire 205.2 million units at AUD 0.015 per unit. The offer may be extended by Aurora Property Buy-Write Income Trust in accordance with the corporation act. On October 19, 2017, Aurora Property Buy-Write Income Trust (ASX:AUP), a fund managed by Aurora Funds Management Limited made an offer to acquire remaining 66.92% stake in RNY Property Trust (ASX:RNY) from a group of shareholders for AUD 3 million on October 19, 2017. Under the revised terms, Aurora Property Buy-Write Income Trust (ASX:AUP), a fund managed by Aurora Funds Management Limited increased the consideration offered from AUD 0.015 per RNY unit to AUD 0.017 per RNY unit. The transaction will be funded from existing cash reserves. The offer is not subject to minimum acceptance condition. Aurora Property Buy-Write Income Trust will be entitled to proceed with compulsory acquisition in case it acquires more than 90% stake in RNY Property Trust and it intends to proceed with compulsory acquisition resulting into delisting of RNY Property Trust. The bidder’s statement has been approved by directors of Aurora Funds Management Limited on August 28, 2017. On August 29, 2017, The Board Committee of RNY Property Trust recommends shareholders to take no action. On September 15, 2017, first supplementary bidders statement has been filled. On August 29, 2017, The Board Committee of RNY Property Trust recommends shareholders to take no action. The directors of RNY Australia Management Limited, as responsible entity for RNY Property Trust recommended to reject the offer. Aurora Property Buy-Write Income Trust managed by Aurora Funds Management Limited announced the offer price will be increased to AUD 0.017 per share if during the offer period more than 50% stake is acquired in RNY Property Trust and if improved offer is triggered then offer will be declared unconditional. As of October 4, 2017, notes that Aurora’s AUD 0.015 per unit. offer for RNY units is unconditional. As of October 4, 2017, takeovers panel declined to conduct proceedings in connection with an application by Aurora Funds. As on October 6, 2017, each RNY Australia Management Limited director has carefully considered all relevant matters and recommended to accept Aurora's offer. The offer will open on September 11, 2017 and will end on October 11, 2017. On October 11, 2017, the offer period will now close on October 24, 2017. On October 19, 2017, the offer period is extended from October 24, 2017 to November 2, 2017. Ord Minnett Limited acted as broker to Aurora Funds Management Limited. Atanaskovic Hartnell acted as legal advisor, Dukes Lawyers acted as tax advisor, Registry Direct Limited acted as registrar to Aurora Funds Management. Michael Greig of Greenwich Legal acted as legal advisor and Link Market Services Limited acted as information agent for RNY Property Trust in the transaction.