Australia's Goodman Group and APG Algemene Pensioen Groep NV plan to go ahead with a joint $1.7 billion takeover bid for ProLogis European Properties (PEPR) despite an initial rejection, Goodman said. Goodman, Australia's largest industrial property group, valued at A$5 billion, said on Wednesday that a fully documented proposal with APG could be ready within 6 to 8 weeks. The 6-euro-per-share cash offer was already rejected by ProLogis , a U.S.-based owner of warehouses and distribution facilities. The offer price puts the transaction value at about 1.2 billion euros ($1.7 billion), according to Goodman.
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