GPT Rejects Lend Lease Merger Offer

Shareholders at Australia's General Property Trust have voted against a proposed merger with Lend Lease Corp."The overall GPT vote fell short of the 75% hurdle required for the merger to proceed," Lend Lease reported. GPT said that 68.5% of its shareholders had voted for the merger. Stockland, an Australian property company that has made a counteroffer to acquire GPT, said its offer to purchase General Property Trust "remains open."