* Thai billionaire Sirivadhanabhakdi backs new bid
* Offer trumps rival Australian bid
* Sets the scene for ownership showdown
(Adds quotes, details about deal, background)
By Byron Kaye
SYDNEY, June 4 (Reuters) – Singapore-listed Frasers
Centrepoint Ltd made a surprise A$2.6 billion ($2.41
billion) cash takeover bid for Australia’s Australand Property
Group, trumping an offer from Australian firm Stockland
Corp Ltd.
Backed by Thai beer billionaire Charoen Sirivadhanabhakdi,
Frasers Centrepoint made its offer less than a week after
Stockland upped its bid to A$2.5 billion, Australand said in a
statement on Wednesday.
The Singapore firm is 59 percent owned by
Sirivadhanabhakdi’s investment company TCC Assets Ltd and 29
percent owned by his Thai Beverage PCL.
The move sets the scene for a showdown for control of
Australand, which has been regarded as a takeover target since
Singapore’s CapitaLand Ltd announced plans to sell
what was a 59 percent stake in early 2013.
Stockland, Australand’s biggest shareholder with 15.7
percent, has been seen as a likely buyer in its quest to become
one of Australia’s biggest property companies.
In April, Australand rejected Stockland’s original bid as
undervalued and said it would refuse Stockland access to due
diligence. A month later when Stockland increased its offer,
Australand agreed to open its books to the No. 2 Australian
property player.
Australand again changed its stance following the Frasers
bid, saying on Wednesday it expects to recommend the higher
offer and will grant the Singapore company exclusive access to
conduct due diligence for four weeks.
The about-face was “based on the board’s conclusion that the
(Frasers) proposal provides a superior value outcome for
Australand securityholders relative to Stockland’s conditional
proposal”, Australand said in a statement to the Australian
Securities Exchange.
If the Frasers offer became binding, Australand “intends to
recommend the proposal in the absence of a superior proposal”
and subject to an independent expert declaring it fair and
reasonable, Australand added.
On top of the A$2.6 billion cash bid, Frasers is offering a
distribution of A$0.1275 a share, Australand said, adding
another A$74 million to the deal.
Frasers was spun off from drinks and publishing conglomerate
Fraser and Neave Ltd and listed in Singapore in
January, a year after Sirivadhanabhakdi took control of the
parent company.
In a statement, Frasers Chief Executive Officer said the
deal would “catapult FCL to being one of Australia’s leading
real estate companies with a portfolio of scale and quality”.
It added that Australia was a “core market” for the
Singapore company.
“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,” it
said.
Australand shares were suspended from trading early on
Wednesday, having closed at A$4.31 per on Tuesday, compared to
the $4.48 offer price from Frasers.
Deutsche Bank and Standard Chartered Bank
are the financial advisers to FCL.
($1 = 1.0809 Australian Dollars)
(Additional reporting from Anshuman Daga in Singapore; Editing
by Stephen Coates)
UPDATE 1-Singapore"s Frasers bids $2.4 bln for Australia"s Australand, trumps ...
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