- POSTED: 04 Jun 2014 09:33
- UPDATED: 04 Jun 2014 13:48
Singapore’s Frasers Centrepoint makes takeover bid of A$4.48 a share for Australand Property Group, pipping an offer by rival developer Stockland Corp.
SINGAPORE: Property developer Frasers Centrepoint said on Wednesday (June 4) that it has submitted a A$2.6 billion (S$3.03 billion) takeover bid for Australia's Australand Property Group.
Frasers Centrepoint has proposed a cash offer of A$4.48 per share, topping a A$4.43 offer made by Australand stakeholder Stockland Corp, Australia’s second-largest property group.
Australand’s board intends to recommend Frasers Centrepoint's offer “in the absence of a superior proposal and subject to receipt of an independent expert opinion”, the Singapore-listed developer said in a statement.
“The proposal will catapult Frasers Centrepoint to being one of Australia’s leading real estate companies with a portfolio of scale and quality. We already have an established platform and good brand recognition in Australia, but real estate is a business where scale and depth matters,” said Group CEO Lim Ee Seng.
“This proposal will be the catalyst that will help Frasers Centrepoint to deepen our roots and accelerate our growth in a market that we believe will continue to offer long-term growth prospects."