Dexus to announce fresh CPA bid

Shares halted ahead of release on revised Dexus, Canada Pension Plan offer.

Shares in Dexus Property Group (DXS) and Commonwealth Property Office Fund Ltd (CPA) will be placed in trading halts today ahead of the announcement of a revised bid from Dexus and Canada Pension Plan Investment Board to take over CPA.

Dexus and Canada Pension Plan's current offer for the property fund, announced last month, comprises 68 cents cash and 0.4516 of Dexus securities for every CPA share.

However CPA's book value has recently been upgraded following a series of asset revaluations in the last month.

In statements to the Australian Securities Exchange, both groups requested the halt continue until the announcement regarding the proposal was made, or otherwise upon commencement of trading on Monday morning.

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