Australand rejects Stockland bid

Developer's board confirms it received takeover offer in scrip from property group.

The board of Australand Property Group (ALZ) has rejected a takeover proposal from Stockland Group (SGP) that had a consideration of 1.111 Stockland shares for every Australand share.

The bid implied an offer price of $4.20 per Australand security but the target said the bid does not provide sufficient consideration to shareholders in the context of a change of control.

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