The Singapore bidder for Australand will wrap up its takeover of the property developer by snapping up the remaining batch of securities it does not already own.
Frasers Centrepoint fell short of securing 100 per cent of Australand's securities when its $2.6 billion takeover offer closed on September 4.
The Singapore real estate group says it controls 98.61 per cent of Australand and will compulsorily acquire all outstanding securities in the takeover target.
The Corporations Act enables Frasers to compulsorily acquire the remaining securities because it already holds more than 90 per cent.
Frasers offered $4.48 for each Australand security.
Its bid for Australand, which owns $2.4 billion in residential and commercial developments, trumped an earlier $2.5 billion offer from rival Stockland.
Share
