Frasers secures 50% Australand takeover acceptances
Jonathan ChancellorDecember 7, 2020
There's one less player on the Australian property scene with the Singapore-based Frasers Centrepoint tycoon Charoen Sirivadhanabhakdi winning the $2.6 billion takeover battle for Australand Property Group.
Global hedge funds accepted Frasers $4.48 per security all-cash offer taking total acceptances to more than 50% some three hours before the 7pm cut off.
It was at 46% by 2.30pm and 56% at 5pm.
It is speculated that the rival bidder Stockland will now tender its 19.9% stake in Australand over the two week extension period
Frasers, advised by Deutsche Bank and Standard Chartered Bank, made its all-cash $4.48 per security offer trumping a previous scrip bid by Stockland.
The offer period has automatically been extended until 7pm, 21 August.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
Tags:
Reits