By Amber Plum
The deal, which remains subject to Foreign Investment Review Board approval, has been unanimously backed by Australand’s directors in the absence of a superior bid, conditional on independent expert approval.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
Frasers Centrepoint has reached a deal to buy Australand Property Group for around $2. 6 billion, after receiving unanimous backing from the target’s directors.
Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.
The off-market cash purchase, which values Australand at $4. 48 per security, stymied an earlier $4. 35 all scrip bid from Stockland Property Group, which it had lifted from a previous $4. 20 per security.
Frasers Centrepoint is one of Singapore’s largest property groups, with assets of around $S11. 4 billion ($9. 68 billion).
Read more here: Business Spectator