Singapore's Frasers Centrepoint looks set to clinch its $2.6 billion takeover of Australand as acceptances hit 46 per cent by mid-afternoon.
With Frasers’ bid lapsing at 7pm (AEST) today, brokers are thought to have been hit with a rush of acceptances for the $4.48 per share cash offer.
In recent weeks Frasers has warned investors that it would walk away from its offer if it did not reach 50.1 per cent of acceptances by this evening.
But with support for its offer growing by the hour, Australand looks set to fall once again into Singaporean hands.
According to a substantial shareholder notice released on the Australian Securities Exchange at 1.30pm, acceptances under the offer had reached 25.43 per cent while 14.02 per cent of stock had been directed by holders to be sold into the deal through the institutional acceptance facility.
It is understood some tinkering by Frasers with the fine print of its acceptances policy to allow the inclusion of shares sold into the institutional acceptance facility in the overall count will be instrumental in getting the deal across the line.