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Growthpoint ups offer for GPT Metro

GrowthpointProperties Australia raised its offer for to an impliedA$2.41 per unit from its original A$2.31 per-share offer.

GPT Metro said in a filing that the nonbinding, conditionalcash-and scrip offer now constitutes A$1.185 per-share in cash and 0.3756Growthpoint securities per GPT Metro unit.

Growthpoint had offered A$1.15 per-unit in cash and 0.3736of its own securities for every GPT Metro security in its earlier bid.

In addition, the target's independent board committeegranted Growthpoint four weeks of exclusive due diligence as part of therevised proposal. GPT Metro will also undertake limited due diligence on Growthpoint.

Subject to certain conditions, the board said that itintends to recommend the revised proposal.

Before Growthpoint on April 5 its bid for GPT Metro, thelatter said that itreceived a nonbinding and subsequently withdrawn offer from an unnamed party,which turned out to be Growthpoint.

UBS AG Australia Branch is the financial adviser of GPTMetro's independent board committee, while Ashurst Australia is the legaladviser. Goldman Sachs is advising Growthpoint, The Australian noted.

As of May 4, US$1 was equivalent to A$1.34.