By a staff reporter
Commonwealth Bank of Australia intends to accept a Dexus Property Group-led consortium's takeover bid for its Commonwealth Property Office Fund, spurning a rival offer from GPT Group.
In a statement to the Australian Securities Exchange, the bank said it would agree to the offer from Dexus and the Canada Pension Plan Investment Board if its acceptance would take the consortium's relevant interests in the fund to at least 50.1 per cent.
The bank said it also required the consortium's offer to be otherwise unconditional.
Commonwealth Bank said it reserves its right not to accept the offer.
Quick Summary:
Bank intends to accept Dexus offer for Commonwealth Property Office Fund.
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