August 27, 2018 / 12:26 AM / a month ago

Australia's Investa says Blackstone to sweeten bid

(Reuters) - Australia’s Investa Office Fund (IOF.AX) said on Monday that Blackstone Group LP (BX.N) will sweeten its bid for the company, after Investa met the conditions for the offer to be raised.

Investa’s manager last week said two funds affiliated to Blackstone Group had agreed to raise their offer by about A$120 million to A$5.3485 per Investa unit from an earlier bid of A$5.1485 per unit, subject to certain conditions.

The Investa Listed Funds Management Ltd Board continues to unanimously recommend voting in favor of the raised Blackstone proposal in the absence of a superior proposal, the statement said.

Reporting by Susan Mathew in Bengaluru; editing by Richard Pullin

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