Australand

Australand: rejected a bid from GPT Group for its industrial and commercial property assets and development business, saying the offer “does not provide a compelling value proposition”, and doesn’t pay a sufficient premium or compensate security holders for the transaction costs and risks involved with the deal. GPT’s offer involved Australand, controlled by Capitaland, keeping its residential business and remaining a listed entity. Australand’s industrial and office investment properties were valued at A$2.3 b at June 30. GPT offered a premium of A$140 m to the assets. Australand said its board doesn’t plan to engage with GPT. Australand shares jumped 6.3% on Dec 10 to A$3.21, the highest close since July 2008, and were last at A$3.20.