By pitching its $2.4 billion offer for Australian office landlord Investa Office Fund, Oxford Properties Group has bested Blackstone’s A$90 million offer.

On Wednesday, Investa Office Fund, an office landlord in Australia stated, it is adjourning a planned shareholder meeting that was to set the ball rolling on a potential takeover by Blackstone Group while it weighs the offer of a rival bidder.

In a statement at the meeting, Investa stated Canada’s Oxford Properties Group had offered a last-minute $2.4 billion (A$3.3 billion) offer on Tuesday, higher than Blackstone’s A$90 million offer.

As per Blackstone’s letter to Investa Oxford’s offer was “not a superior proposal” and that it reserved its rights to terminate its bid and claim a break fee if the meeting were to be adjourned and Oxford’s offer deemed better.

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Tags: Australia, Australian, bid, Blackstone Group, break fee, Investa Office Fund, M&A, mergers and acquisitions, office landlord, Oxford Properties Group, shareholder meeting, takeover, terminate