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GPT Group (ASX:GPT) has increased its substantial holding in Commonwealth Property Office Fund (ASX:CPA).
GPT says its voting power in CPA has increased to 11.44 per cent from 7.97 per cent.
On Christmas Eve, Commonwealth Managed Investments Ltd's independent directors, acting on behalf of CPA, unanimously recommended its shareholders reject GPT's offer in favour of a rival bid from Dexus Property Group (ASX:DXS) and Canada Pension Plan Investment Board.
In a separate statement to the Australian Securities Exchange, Dexus released its bidder’s statement, saying it’s consortium offer is now open for acceptance.
GPT Group reported a net profit of $257 million in the first half of its 2013 financial year.
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