GPT is not expected to table a better offer for Australand until after it releases its annual results in February.
In mid-December a $3 billion non-binding bid by GPT to acquire Australand's commercial and industrial property businesses – but not its residential property business – was rejected by the Australand board as being too low.
In addition, the Australand board is understood to favour a bid for the entire business rather than just cherry-pick its more attractive divisions, reported the Australian Financial Review.
There are also reports suggesting GPT and Mirvac – also in the running to bid for Australand – may join forces and make a joint bid for the residential developer.
The impetus to acquire Australand has been given an added boost with news last week that its biggest shareholder, Singapore-based CapitaLand, was reviewing its 59% holding in Australand.
Mirvac has not tabled an offer of any sort for Australand.
An article in the AFR claimed that Mirvac, under the new leadership of Susan Lloyd-Hurwitz, was preparing a proposal to merge with its smaller rival.
Mirvac is said to offer a better fit with Australand, given its stronger residential focus while GPT is primarily a developer and manager of retail, industrial and office assets.