Australand recommends Frasers bid

Directors unanimously back $2.6 billion offer from Singaporean-listed developer.

Singapore's Frasers Centrepoint $2.6 billion bid for Australand Property Group (ALZ) looks set to advance, after receiving unanimous backing from the target’s directors.

The off-market cash offer, which values Australand at $4.48 per security, stymies an earlier all-scrip, $4.35 per security bid from Stockland Property Group, which the rival lifted from a previous $4.20.

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