Stockland hits out at Australand

Stockland managing director Mark Steinert has questioned the governance of the board of takeover target Australand Property Group.

According to The Weekend Australian, Mr Steinert has struck out at Australand for not allowing it to conduct due diligence after lobbing its $2.4 billion bid.

“We put forward what we thought was a compelling and reasonable offer and all we’ve got back in return is ‘we don’t think that’s adequate’,” said Mr Steinert.

Meanwhile, the newspaper reports Steinert’s counterpart at Australand, Bob Johnston, has starred down Stockland's“threat” to dump its 19.9 per cent stake.

“I don’t know where Mark is coming from there,’’ Mr Johnston said.

“We have very good governance and are acting in the best interest of shareholders.”