Nicholas Bolton's attempts to take control of the Brookfield Multiplex-backed Multiplex Prime Property Fund have failed, after the Takeovers Panel last night ruled that the renegade shareholder's $700,000 bid was launched in unacceptable circumstances.

Last night, Mr Bolton said he had agreed to withdraw the offer for the fund. 'It is disappointing. We would have liked the bid to proceed, but we will continue on our path,' he said.

The MPPF owns four high-profile office towers in Sydney and Melbourne and is struggling under a mountain of debt.

The Australian