Stockland (ASX:SGP) has boosted its stake in takeover target and retirement village operator Aevum Ltd (ASX:AVE) to 54.56 per cent.
As a result the diversified property developer's offer of $1.80 per share will be automatically extended until 13 October 2010.
Managing director Matthew Quinn says the offer now has good momentum and this extension will provide additional time for remaining Aevum shareholders to accept the offer.
Mr Quinn says the consolidation of the two businesses will almost double the size of Stockland's Retirement Living business and the developer remains focused on creating a large scale, national Retirement Living business to appeal to Australia's growing retirement-age population.
Stockland reported a profit of $478 million in the 2010 financial year, rebounding from a loss of $1.8 billion in 2009.
SGP Price at posting:
$3.84 Sentiment: None Disclosure: Held
