Commonwealth Property Office Fund Ltd (CPA) walked away from a takeover bid from Dexus Property Group Ltd and Canada Pension Plan Investment Board (CPPIB). The Dexus-CPPIB consortium failed to respond to a rival bid from GPT Group Ltd within the specified period. This was according to a report published by Business Spectator.

Dexus made a statement to the Australian Securities Exchange asserting its commitment to its CPA takeover bid. However, the firm also said it was still "too early to respond" to the competing proposals, the report said.

According to Commonwealth Managed Investments Ltd (CMIL), the responsible entity for CPA, the Dexus-CPPIB consortium is given until December 9 to continue due diligence on CPA, said the report.

GPT Group offered USD3 billion for Dexus. Last week, Dexus expressed its intention to block that rival bid, the report stated.

The Dexus-CPPIB consortium had earlier made a sweetened takover bid of USD2.42 billion, Business Spectator reported.