GPT Bows Out Of $2.8B Battle With Dexus Over Aussie REIT

Law360, New York (January 14, 2014, 3:58 PM EST) -- The GPT Group said Tuesday it will not increase its AU$3 billion ($2.8 billion) offer to buy an Australian real estate investment trust, making way for the Canada Pension Plan Investment Board and Dexus Property Group Ltd. to acquire Commonwealth Bank of Australia's REIT.

GPT said it will be leaving its bid for the Commonwealth Property Office Fund on the table until Jan. 24, but will not increase the amount and will not extend its offer's availability beyond that date.

Michael Cameron, CEO and managing director...
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