Australand Property Group (ASX:ALZ) is set to be acquired by Singaporean based Frasers Centrepoint.
The property investment company says Frasers shareholding reached over the 50 per cent threshold yesterday just in time to satisfy the conditions of the bid implementation agreement.
The $2.6 billion offer will now be extended by two weeks and Frasers will pay the offer price of $4.48 per Australand share.
Chairman Paul Isherwood had supported the proposal from the outset saying it represents a compelling value outcome.
Australand reported a net profit of $142 million in the first half of the 2014 calendar year.
