News: GPT in CPA tilt

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GPT Group (ASX:GPT) will make an off-market cash-and-scrip takeover offer for all outstanding units in Commonwealth Property Office Fund (ASX:CPA). 

 

The group says the offer would include 0.141 GPT securities per CPA unit and about $0.75 for every CPA unit.

 

GPT added the cash component will be reduced by the amount of any distribution paid on a CPA unit.

 

The group says based on GPT's closing price on November 18, its offer values CPA units at $1.27.

 

GPT said the proposed acquisition was consistent with its strategy and presented a unique growth opportunity.

 

GPT delivered a net profit of $257 million in the first half of fiscal 2013.