Stockland has increased its ownership in takeover target Aevum above 50 per cent and its revised offer of $1.80 a share will be extended until October 13.
Stockland says it held a 54.56 per cent majority stake in Aevum at close of trade on Wednesday.
"Our offer now has good momentum and this extension will provide additional time for remaining Aevum shareholders to accept the offer," Stockland managing director Matthew Quinn said in a statement today.
Mr Quinn said the consolidation of the two businesses would almost double the size of Stockland's retirement living business.
"We remain focused on creating a large scale, national retirement living business, leveraging our experience as Australia's largest residential developer and appealing to Australia's growing retirement-age population," Mr Quinn said.
Stockland first offered $1.50 cash for Aevum in August, which was rejected by directors.
Stockland then offered Aevum shareholders $1.77 per Aevum share, paid in cash within three business days of acceptance together with Aevum's three cent final dividend directly from Aevum, resulting in a total value of $1.80 per share.
In response to the higher offer, Aevum said it was not fair, but was reasonable for short to medium term investors.
Stockland first bought a strategic 14.4 per cent stake in Aevum in October 2008.
Stockland's revised offer has been automatically extended to close at 7pm on Wednesday, October 13, unless extended further.
Shares in Aevum closed at $1.77 yesterday.
AAP