Stockland Raises Takeover Offer

Australia's largest diversified property group, Stockland (ASX:SGP) have raised their takeover offer for Australian retirement village operator Aevum (ASX:AVE) by 20 percent to $1.80 in an "unconditional and final" bid for the company after Aevum rejected an initial bid by Stockland.

Stockland already owns 16 percent of Aevum, and is offering Aevum shareholders $1.77 per share plus a 3 cent final dividend per share. These takeover offer figures values Aevum the retirement group at $320 million. Stockland's managing director, Matthew Quinn has said in a statement "We remain disciplined in our approach to all acquisitions and the total offer value of A$1.80 per share represents great value for Aevum investors while remaining accretive for Stockland shareholders."

FKP Property Group (ASX:FKP) was also in talks with Aevum about a possible merger with a subsidiary called Forest Place Group.