CPA spurns Dexus takeover bid

Commonwealth Managed Investments board says offer is 'not compelling'.

The Commonwealth Managed Investments board has spurned a $2.3 billion takeover bid from Dexus Property Group (DXS) for the Commonwealth Property Office Fund (CPA).

In a statement to the Australian Securities Exchange, CMIL chairman Richard Haddock said the proposal from Dexus and Canada Pension Plan Investment Board "does not provide a compelling value proposition for CPA unitholders".

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