Frasers says Australand offer 'best and final'

By Carolyn Cummins
Updated July 30 2014 - 12:08am, first published July 29 2014 - 11:34pm
Australand managing director Bob Johnston. Photo: Andrew Quilty
Australand managing director Bob Johnston. Photo: Andrew Quilty

 

Singaporean Frasers Centrepoint has declared its $2.6 billion offer for Australand as its ''best and final'', in the absence of a higher, competing proposal.

The offer, which is due to close on Thursday, August 7, will become unconditional when Frasers receives more than 50 per cent acceptances for the $4.48-a-share offer.

However, the shares are currently trading at $4.51, prompting market speculation that rival Stockland, which holds 19.9 per cent of Australand, may be considering a new move.

If Stockland accepted the Frasers offer it would crystalise a profit on the stake of about $73 million.

But many commentators dismissed the higher offer talk, saying the higher trade was from hedge funds and other day traders.

Adam Fairfax, at JPMorgan, said he did not believe a new offer was expected and that even if one was made, Frasers would be likely trump it.

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