Australia's Australand gets $2.4 billion bid from Frasers, knocks out Stockland

SYDNEY Tue Jun 3, 2014 7:41pm EDT

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SYDNEY (Reuters) - Australia's Australand Property Group said it received a A$2.6 billion ($2.41 billion) takeover offer from Singapore real estate firm Frasers Centrepoint Ltd, narrowly trumping a bid by Stockland Corp Ltd.

Longtime stakeholder Stockland, Australia's No. 2 property group, upped its offer just one week ago in a deal which would value Australand at A$2.5 billion.

But on Wednesday, Australand said it had received the higher offer from Frasers and would grant Frasers exclusive access to conduct due diligence for four weeks on the basis it "provides a better value outcome".

Australand shares closed at A$4.31 per on Tuesday, compared to the $4.48 offer price from Frasers.

($1 = 1.0809 Australian Dollars)

(Reporting by Byron Kaye; Editing by Stephen Coates)

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