Australand receives rival takeover bid

Australand Property Group has received a takeover proposal from Singapore-listed Frasers Centrepoint for cash consideration of $4.48 per share, which the target says is superior to an offer from Stockland.

Australand last week agreed to provide Stockland with access to due diligence material after it lobbed a sweetened offer of $4.35 per share, which valued the target at $2.5 billion.

Under the fresh rival offer, Australand shareholders would receive an expected first-half distribution of 12.75c per stapled security and an additional distribution that accrues to the date the Frasers offer becomes unconditional, representing the expected second-half distribution of 12.75c per share.