Investa delays vote on Blackstone offer to mull last-minute $2.4 billion bid

SYDNEY (Reuters) – Australian office landlord Investa Office Fund (IOF.AX) said on Wednesday it is adjourning a planned shareholder meeting that was set to vote on a takeover by Blackstone Group (BX.N) while it mulls the attractiveness of a higher rival bid.

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid

Canada’s Oxford Properties Group lobbed a last-minute A$3.3 billion ($2.4 billion) offer on Tuesday, A$90 million higher than Blackstone’s. Investa said in a statement the meeting, set for Thursday, would be adjourned so that offer could be considered.

Blackstone, in a letter to Investa that was seen by Reuters, said the Oxford offer was “not a superior proposal” and that it reserved its rights to terminate its bid and claim a break fee if the meeting were to be adjourned and Oxford’s offer deemed better.

Reporting by Tom Westbrook; Editing by Muralikumar Anantharaman

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