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Commonwealth Property Office Fund (ASX:CPA) investors must now wait for details from independent directors on the proposed internalisation by Commonwealth Bank before any new takeover offer can be made.
Dexus Property Group (ASX:DXS), which owns an option over 14.9 per cent of CPA, has made an indicative joint offer for CPA with the Canadian Pension Plan Investment Board equal to $1.15 a security, which investors say is too low.
This was rejected by funds manager, Commonwealth Managed Investments Limited independent directors, who said the board has determined that the Dexus proposal does not provide a compelling value proposition.
But analysts say that until details emerge of the privatisation and how that affects CPA's net tangible assets, Dexus has no comparison value to bid against.
CPA generated a net profit of $145.4 million in fiscal 2013.
