Stockland Corporation Limited (ASX: SGP) could launch another takeover attempt for Aevum Limited (ASX: AVE) in six months.

Aevum shareholders held on to their stock in the company even after Stockland pumped up its offer of $1.50 a share to $1.77 on Monday. The offer included a three cent dividend.

Royal Bank of Scotland analyst Josephine Little advised investors to wait for a much higher bid before the September 30 close. She explained that “Stockland's previous 50.1 percent minimum acceptance condition has been removed, which suggests the group may be content to play this out without gaining control initially.”

Austock analyst Rohan Sundram considered an offer at or near $1.95 a share would have grabbed the attention of the Aevum board. A bid closer to Aevum's net tangible asset (NTA) value of $2.02, Sundram said, was unlikely to materialize.

He explained, “Given that Stockland's revised bid falls short of NTA, we believe the likelihood of a deal not going through at $1.80 a share is high... We are reluctant to recommend to investors to accept the Stockland offer . . . given the long-term valuation upside that we see in Aevum.”

Stockland holds a 16.1 percent share in the retirement village. It was willing to pay $268 million for the remainder.