Commonwealth Bank of Australia
(ASX:CBA) intends to accept a Dexus Property Group
(ASX:DXS)-led consortium's takeover bid for its Commonwealth Property Office Fund
(ASX:CPA).
The announced preference has sparked a rival offer from GPT Group
(ASX:GPT).
The bank says it will agree to the offer from Dexus and the Canada Pension Plan Investment Board if its acceptance takes the consortium's relevant interests in the fund to at least 50.1 per cent.
CBA says it also requires the consortium's offer to be otherwise unconditional.
Commonwealth Bank says it reserves its right not to accept the offer.
CBA generated a net profit of $7.7 billion in the 2013 financial year.
