Frasers sweats on ‘final’ Australand bid

By Sarah Danckert - The Australian

Frasers Centrepoint’s $2. 6 billion takeover of Australand hangs in the balance, with speculation mounting that Stockland might be waiting in the wings with a revised offer for the company if Frasers can’t get its deal over the line.

A failed tilt by Frasers will be seen as a loss of face for the company that has the backing the support of one of Thailand’s richest men, Chang Beer baron Charoen Sirivadhanabhakdi. Stockland owns 19. 9 per cent of Australand and had made a scrip-and-cash bid valuing the company at $2. 6bn based on its share price yesterday.

Last week Frasers declared its $4. 48-a-share cash offer for Australand final, declining to extend the offer of 50. 1 per cent if shareholders did not accept the deal by this Thursday.

Hedge funds stacking the Australand register — including a fund linked to the Myer family-backed OC Capital and New York hedge fund specialist Millennium Management — appeared yesterday to still be holding out for a higher deal.

Read more here: Business Spectator


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