Australia's Australand rejects Stockland proposal

SYDNEY, April 23 Tue Apr 22, 2014 9:29pm EDT

SYDNEY, April 23 (Reuters) - Australia's Australand Property Group said on Wednesday it had rejected a proposal from bigger rival Stockland Group to buy all the shares that Stockland does not yet own, an offer that valued the company at around A$2.43 billion ($2.28 billion).

The Australand board said the proposal, which offered 1.111 Stockland shares for every Australand share, was not compelling and decided not to provide Stockland with access to due diligence.

Stockland bought a 19.9 percent stake in Australand in March after Singapore's CapitaLand Ltd said it had sold its remaining 39.1 percent stake in Australand for about A$849 million.

($1 = 1.0677 Australian Dollars) (Reporting by Maggie Lu Yueyang; Editing by Paul Tait)