Investa Property Group filed a case in the New South Wales Supreme Court in which it requests for Investa Office Fund, or IOF, to take time to consider Oxford Properties Group's unsolicited conditional propos offer — or any offer that may arise "in coming days" — for the fund, The Australian reported.
Jeremy Stoljar, Investa Commercial Property Fund counsel, was quoted in the Sept. 11 report as saying that while the group does not want to derail Blackstone Group LP's standing and renewed A$3.3 billion offer for the fund "if that's the best proposal on the table," it also wants to make sure that IOF's independent directors are open to other options.
Separately, sources cited by The Australian Financial Review in a Sept. 10 report said Investa Commercial is considering itself free from its commitment to support the Blackstone bid, in light of Oxford's rival offer, as its endorsement was effective only in the absence of a superior proposal. It is also reportedly still undecided on whether or not it will back the revised proposal.
A meeting to consider Blackstone's enlarged conditional offer was set to Sept. 17.
Investa Property Group is jointly owned by Investa Commercial and Macquarie Group Ltd. and has assets under management worth A$11 billion. It is a sister fund of IOF.