News: Dexus lifts CPA bid

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Dexus Property Group (ASX:DXS) has again increased its takeover offer for the Commonwealth Property Office Fund (ASX:CPA).

 

Dexus says its joint offer with the Canada Pension Plan Investment Board is valued at $1.27 per CPA unit, including a cash payment of 77.45 cents and 0.45 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 noted that CMIL recommended its earlier proposal to CPA unitholders in the absence of a superior proposal prior to the termination

 

Dexus generated a net profit of $514.5 million in fiscal 2013.