The independent directors of Westpac Office Trust (WOT) unanimously agreed to pursue the deal with Mirvac Group.

Mirvac group told media today that it will enter into talks with Westpac Funds Management, one of WOT's entities.

"Having considered a number of alternatives, we believe Mirvac's offer is attractive and represents a premium to both recent trading prices and NTA (net tangible asset baking)," Westpac Funds management chairman Alan Cameron said on Thursday.

The Mirvac group also believes that a combined force of WOT and Mirvac's portfolios will improve investment portfolios and will benefit existing and new Mirvac security holders.

WOT's investors on the other hand, will have the upper hand in participating in Mirvac's future endeavors and the same time, retain its assets within the company.

Under the takeover bid by Mirvac, the WOT unit holders will either get 0.597 stapled securities or receipts of Mirvac for every WOT unit or receipts held, or an 86 per cent WOT unit with a maximum of $200 million.

The takeover bid values Westpac at $413 million.

The bid is expected to add three per cent to earnings for Mirvac Property Trust in this year's financial year.

Mirvac's ownership of the WOT will also expand its assets up to $1.1 billion.

Mirvac will shoulder the entire transaction, including costs and repayments of all WOT's existing debts.

Nicholas Collishaw, managing director of Mirvac, said that acquiring WOT will further expand its resume to the market.

"The combination of Mirvac Property Trust and WOT creates an exceptionally strong, well leased, quality portfolio of Australian investment grade assets, capable of generating predictable earnings growth well into the future," he said.

WOT investors will vote on the takeover bid during a meeting on July 2010.