June 23 (Reuters) - Cromwell Property Group CMW.AX :
* SECURITYHOLDERS SHOULD TAKE NO ACTION ON ARA PROPORTIONAL TAKEOVER BID
* ARA ASSET MANAGEMENT INTENDS TO MAKE BID TO ACQUIRE 29% OF CO'S STAPLED SECURITIES IT DOES NOT ALREADY HOLD
* DEAL FOR $0.90 PER STAPLED SECURITY REDUCED BY ANY DIVIDENDS OR DISTRIBUTIONS DECLARED, DETERMINED OR PAID AFTER 23 JUNE