GUINNESS Peat Group, the investment company liquidating its holdings, has agreed to sell 19.9 per cent of ASX-listed property developer CIC Australia to Peet for $A15.1 million ($NZ18.6m).
Peet on Wednesday announced a cash takeover for all the shares in CIC for 60 Australian cents apiece or $A76 million, it said in a statement to the ASX.
CIC has seven active projects in Australian Capital Territories, New South Wales, South Australia and the North Territories worth $A148 million.
"GPG intends to accept the bid for its entire shareholding in CIC on or before 7 May 2013, subject to there being no superior proposal at that time," it said in a separate statement.
Shares of CIC last traded at 63 Australian cents on the ASX, valuing the company at $A78.6 million.
Peet, a land development and fund management firm, last traded at $A1.40 for a market value of $A443 million.
GPG shares last traded at 60 cents on the NZX.
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