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Growthpoint Properties opens offer period for GPT Metro bid

GrowthpointProperties Australia has opened its offer to acquire .

The offer will run from July 18 to Aug. 19 at 7 p.m. Melbournetime, unless extended or withdrawn.

The company issued a bidder's statement for the proposedacquisition, which involves a cash-and-scrip offer of A$1.25 in cash per unit and 0.3968 Growthpointsecurities per GPT Metro unit.

As an alternative, GPT Metro unit holders can choose toreceive approximately A$2.50 in cash per unit that they hold.

In addition, Growthpoint said in a separate filing that itcleared one of the requirements involving the value of a Growthpoint securityfor the transaction.

Growthpoint and CenturiaMetropolitan REIT have both launched takeover bids for GPT Metro. The target's boardis still to decide onwhich offer to recommend to its unit holders.

As of July 15, US$1was equivalent to A$1.32.