What’s the hold-up, AMP asks Capital Properties

Takeover predator AMP Property Portfolio has hit out at target Capital Properties for not responding to the lifting of its bid by $14.5 million.

Stephen Costley, AMP Portfolio's general manager, said yesterday that Capital chairman Tony Frankham - reported on Saturday as calling an urgent meeting of independent directors to consider the increased bid - should have responded by now.

Costley said the delay was "puzzling".

The bid now values Capital at $357.6 million, up from $343.1 million.

Citigroup's Blair Cooper said the $1.48 a share offer (up from $1.42) was "very full and fair", Macquarie's Matthew Lambourne recommended investors accept, Forsyth Barr recommended shareholders consider accepting, in the absence of a likely competing bidder emerging, and UBS recommended shareholders take the offer.

Kiwi Income Property Trust, with 19.23 per cent of Capital, has accepted, giving AMP Portfolio 36 per cent of the Wellington-based landlord.

Frankham made no response to Costley's statements yesterday.