September 6, 2018 / 4:20 AM / 20 days ago

BUZZ-Australia's Investa hits 10-year high as Blackstone ups ante in bidding war

** Shares of landlord Investa Office Fund rise as much as 1.7 pct to A$5.53, highest in 10 years

** Blackstone Group raises its takeover bid to A$3.3 bln ($2.38 bln) or A$5.52 per share, offering A$12 mln more than Canada’s Oxford Properties Group

** Oxford’s late entry into the fray halted what seemed to be a sure bet for Blackstone, after it offered A$5.50 per share late on Tuesday

** Canadian landlord had in late Aug picked up a 10 pct stake in Investa

** The upped bid comes after Blackstone threatened to walk away from its offer if Investa adjourned Thursday’s meeting and deemed Oxford’s offer superior

** The U.S. private equity giant now wants Investa to reschedule the meeting as soon as possible and before Sept. 14

** The Sydney-focused landlord stock’s up 19.6 pct so far this year as of last close

$1 = 1.3885 Australian dollars

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