Australian property investor The GPT Group has made a A$2.99 billion ($2.81 billion) takeover bid for Commonwealth Property Office Fund, gate-crashing an agreed A$2.8 billion deal with Dexus Property and a Canadian pension fund.

GPT said on Tuesday it would offer A$0.75325 in cash and 0.141 GPT security for each CPA unit, valuing the company at A$1.272 per unit.That trumps a A$1.21 per unit offer from Canada Pension Plan Investment Board and Dexus Property that CPA's managing body recommended to shareholders this month which is under due diligence.

GPT said its deal was worth A$4 billion, including CPA debt, and was conditional on receiving 50.1 percent minimum acceptance.Units in CPA, an arm of Commonwealth Bank of Australia CBA.AX, closed on Monday at A$1.205. ($1 = 1.0642 Australian dollars) 

Source: Reuters