• Elanor Funds Management Limited (EFM) application declined
• Concerns over bidder's statement addressed through negotiations
• Lederer to lodge replacement bidder's statement

The Takeovers Panel has declined to conduct proceedings on an application dated 2 September 2025 from Elanor Funds Management Limited (EFM) as responsible entity of Elanor Commercial Property Fund (ECF) in relation to the affairs of ECF. ECF is subject to an off-market takeover bid by LDR Assets Pty Ltd as trustee for the LDR Assets Trust (Lederer). In its application, EFM submitted that the bidder's statement lodged by Lederer on 20 August 2025 contained material information deficiencies. The Panel noted that EFM and Lederer have taken steps to negotiate and finalise amendments to the bidder's statement and have addressed substantially all of the disclosure concerns raised in the application. Lederer intends to lodge a replacement bidder's statement reflecting the amendments. The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances and accordingly declined to conduct proceedings.