FCL bid for Australand becomes binding

HAVING completed the due diligence work, Frasers Centrepoint Ltd (FCL) has made its off-market offer to acquire Australand Property Group a binding one.

FCL is giving cash of A$4.48 (S$5.29) for each stapled security in a deal that values the Australia-listed firm at about A$2.6 billion.

The four-week due diligence process had affirmed the strategic fit of Australand to FCL, said FCL's group chief executive officer Lim Ee Seng.