News: Australand Property backs Frasers $2.6B bid

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Australand Property Group’s (ASX:ALZ) directors have unanimously backed a $2.6 billion offer from Singapore-listed Frasers Centrepoint Limited (SGX:TQ5). 

 

The Australian industrial property investor has now entered into a bid implementation agreement with its suitor after Frasers completed due diligence to progress the takeover. 

 

Frasers offered Australand $4.48 per share at the beginning of June, compared to a rival offer from Australian property developer Stockland (ASX:SGP) valued at $4.35 per share. 

 

At the time Fraser’s bid was announced Australand’s Chairman Paul Isherwood said the proposal would deliver a compelling value outcome and is superior to Stockland’s offer. 

 

Australand Property Group reported a net profit of $156 million for the 2013 calendar year.