Frasers' Australand acceptances still slim

Frasers Centrepoint's $2.6 billion bid to take control of Australand Property Group remains drastically short of its 50.1 per cent acceptance threshold, less than 24 hours from the offer deadline.

On Wednesday evening, total shareholder acceptances for the offer were 28.65 per cent, according to Frasers.

The figure again raises the possibility that Stockland, which was stymied in an earlier merger attempt by the Frasers bid, could re-enter discussions with Australand.

Frasers' $2.6 billion bid, which has been unanimously backed by the Australand board, comprises an final, unconditional offer of $4.48 cash per security. It had trumped Stockland's earlier all-scrip offer of $4.35 per security.