Takeover alert: Frasers Centrepoint submits $3b bid for Australian developer

A new continent is ripe for the taking.

Property developer Frasers Centrepoint Limited revealed Wednesday that it has submitted $3.03b takeover bid for the ASX-listed Australand Property Group.

FCL made a cash offer of A$4.48 per share, which would total to A$2.6b (S$3.03b) should all Australand stapled securities be acquired.

According to Lim Ee Seng, Group Chief Executive Officer of FCL, “The Proposal will catapult FCL to being one of Australia’s leading real estate companies with a portfolio of scale and quality. We already have an established platform and good brand recognition in Australia, but real estate is a business where scale and depth matters. This Proposal will be the catalyst that will help FCL to deepen our roots and accelerate our growth in a market that we believe will continue to offer long-term growth prospects.”