CMIL backs sweetened Dexus bid

Increased offer for CPA gets CMIL board's green light, subject to conditions.

The Commonwealth Managed Investments Ltd board is recommending a sweetened takeover bid from Dexus Property Group (DXS) and the Canada Pension Plan Investment Board for the Commonwealth Property Office Fund (CPA).

In a statement to the Australian Securities Exchange, CMIL said the revised offer is valued at approximately $1.21 per CPA unit, comprised of cash consideration estimated at 72.7 cents plus 0.4516 Dexus stapled securities.

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