Oxford Properties Group has moved one step closer to its takeover of Investa Office Fund (ASX:IOF) with Investa confirming the Canadian companies offer as superior to Blackstone's.
But Blackstone is not out of the running yet, today the Investa announced the commencement of the matching rights process, which gives Blackstone four days to match the Oxford proposal.
Blackstone has the right but not the obligation to submit a superior proposal.
Oxford lobbed a $5.60 cash per share offer in September after obtaining a 19.99 per cent stake in the fund.
The bid is 8 cents above Blackstone's last offer earlier last month.
Shares in Investa Office Fund (ASX:IOF) trading 0.2 per cent higher at $5.53.