The Singapore-based bidder for the Australand Property Group has fallen just short of securing 100 per cent of its takeover target.
Australand said on Friday that at the close of Frasers Centrepoint's $2.6 billion bid on Thursday, Frasers' relevant interest in Australand was 98.39 per cent.
The Corporations Act enables Frasers to compulsorily acquire the remaining Australand securities because it has secured an interest in Australand of 90 per cent or more.
Frasers is paying $4.48 for each Australand stapled security.
Frasers is an international real estate firm, with core markets in Singapore, China and Australia.
Fraser's bid for Australand, which owns $2.4 billion in residential and commercial developments, trumped an earlier $2.5 billion offer from rival Stockland.
Stockland had owned a 19.9 per cent stake in Australand.
After its bid for Australand failed, Stockland sold its stake to Frasers for a higher price than what it (Stockland) paid - making a profit of $80 million.
Frasers pursued the takeover of Australand to achieve its aim of generating profit outside of Singapore.