By a staff reporter
Dexus Property Group has again increased its takeover offer for the Commonwealth Property Office Fund (CPA).
In a statement to the Australian Securities Exchange, Dexus said its joint offer with the Canada Pension Plan Investment Board was valued at $1.27 per CPA unit, including a cash payment of 77.45 cents and 0.4516 Dexus stapled securities.
The offer to CPA's responsible entity, Commonwealth Managed Investments Ltd, is not subject to a minimum acceptance condition and has only limited customary conditions, Dexus said.
The suitor's earlier sweetened bid was valued at $1.21 per CPA unit but CPA terminated the offer after Dexus failed to match a rival bid from GPT Group Ltd in the specified time.
Dexus noted that CMIL recommended its earlier proposal to CPA unitholders in the absence of a superior proposal prior to the termination.