360 Capital, led by Tony Pitt, has flagged the prospect of progressing to a full privatisation of Asia Pacific Data Centres if it succeeds in wresting control of its management first.
Mr Pitt's listed funds management platform considerably upped the ante on Thursday with a highly conditional proposal to buy out investors who want to exit the data centres trust if 360 Capital gains control.
A vote on replacing the current management with 360 Capital has been called for July 28 by Mr Pitt's team.
360 Capital is offering $1.80 per unit for investors who want to sell out if Mr Pitt succeeds in taking control of the data centre's management.
But the highly conditional proposal, which has no minimum acceptance threshold, could also result in the data centres trust remaining listed, albeit with a larger stake held by 360 Capital.
"As part of making a cash bid you have to have the funding to buy 100 per cent," Mr Pitt told The Australian Financial Review.
"We're quite happy to keep it listed. What this is doing is providing anyone that wants out, access to get out.
'Those that want to continue in the listed [vehicle] can stay in.
"A lot of the investors I talk to on Asia Pacific Data Centres want management change, but they don't want to exit.
"They want to continue exposure to the great portfolio but they want more activity."
The $1.80 proposal price is considerably above the $1.60 net tangible asset backing per security that the data centres fund recorded after revaluing the three facilities in its portfolio last month.
But the stock, which closed at $1.78 on Wednesday, had already moved to $1.82 after morning trading on Thursday.
After taking a 19.9 per cent stake in May, Mr Pitt has pushed for a seat on the board and more active management style of the trust, which was spun-off by listed data storage operator NextDC in 2013.
The data centres trust, which has a $200 million portfolio, has urged shareholders to reject the 360 Capital ouster proposals at next week's meeting.
Its sole tenant, NextDC, came to its support this week buying up a large stake that now amounts to 16.6 per cent in a bid to block Mr Pitt.
Citi analysts have reckoned the NextDC stake will dim but not extinguish Mr Pitt's prospects of success at next week's meeting, where he must gain the backing of at least 50 per cent of the vote on the day.
Mr Pitt is unbowed by NextDC's move, and counts around 30 per cent of the register in his favour, including the stake already held by 360 Capital.