Property developer Stockland (ASX:SGP) has sweetened its bid for industrial property investor Australand Property Group (ASX:ALZ) to $2.5 billion. The latest offer values Australand at $4.35 per share, increasing from an offer valued at $4.20 which was rejected by the target.
Stockland boosted its stake in Australand to 19.9 per cent in March and has since held talks with its takeover target.
Stockland CEO Mark Steiner says the new offer provides an attractive valuation for Australand and its shareholders.
Mr Steiner believes the two companies could benefit from meaningful synergies and both companies would be stronger together.
Stockland reported a net profit of $298 million in the first half of the 2014 financial year.
