Industrial property investor Australand Property Group (ASX:ALZ) has received a $2.6 billion takeover bid from Singapore-listed Frasers Centrepoint Limited (SGX:TQ5). The rival offer of $4.48 per share compares to a bid by Australian property developer Stockland (ASX:SGP) whose final, all-scrip offer values Australand at $4.35 per share.
Australand chairman Paul Isherwood says Frasers conditional proposal would deliver a compelling value outcome and is superior to Stockland’s offer.
As a result Australand’s board has decided to progress Frasers’ proposal to determine if an appropriate offer can be presented to securityholders.
Today’s development comes just one week after Australand agreed to open its books and allow Stockland access to due diligence material.
Australand Property Group reported a net profit of $156 million for the 2013 calendar year.
