Growthpoint announces GPT Metro Office Fund takeover bid

Company News

by Jessica Ellerm

Growthpoint Properties Australia Limited (ASX:GOZ) has announced details relating to its takeover bid to acquire GPT Metro Office Fund.
The off-market takeover bid comprises of $1.25 cash and 0.3968 Growthpoint securities per GMF unit, valuing each unit at approximately $2.50.
Alternatively, GPT Metro Office fund unit holders can also elect to receive a 100 percent cash consideration for their GMF units.
Growthpoint is up against Centuria Property Funds Limited for the takeover of GPT, with Centuria announcing details of its competing bid on 16 June 2016.
Growthpoint Properties Australia Limited reported a net profit of $125.82 million at 31 December 2015.