Safari withdraws proposed offer to acquire Fairvest.

Fairvest Property Holdings and Safari Investments are pushing ahead with a "friendly merger" in a deal they say will save costs and result in a more efficient property portfolio. The real estate investment trusts first proposed the merger in March. Safari will acquire Fairvest through a scheme of arrangement, with shareholders receiving 0.45 Safari shares for each Fairvest share. A scheme requires the approval of shareholders representing 75% of a company's stock.