GPT's $3B Offer Bumps Dexus Bid For Aussie Office Trust

Law360, New York (November 25, 2013, 1:54 PM EST) -- Australia's Commonwealth Property Office Fund nixed Dexus Property Group Ltd. and Canada Pension Plan Investment Board's takeover bid for the Commonwealth Bank of Australia's commercial property trust Monday, after the two refused to raise their offer to compete with last week's surprise A$3 billion (US$2.8 billion) bid by GPT Group.

After last week's undercut bid by GPT, the consortium of Dexus and CPPIB were given until Monday to match the offer or terminate the current process agreement with the Commonwealth Property Office Fund, also known as...
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