AVJennings jumps on $390m rival takeover bid
Make us a preferred source
Make us a preferred source on Google
The news: Property developer AVJennings says it has received an unsolicited rival takeover bid from Singapore-based developer Ho Bee Land, valuing the company at $390 million.
The numbers: Ho Bee Land has offered to acquire the company’s shares at 70 cents a share.
That trumps a 67-cents-a share takeover bid launched by US investment manager Proprium Capital Partners and Australian developer AVID in November.
AVJennings shares, which have nearly doubled since the bid was announced in late-November, are up 7% to 68.5 cents in early trading on the ASX.
The context: The company said Ho Bee Land’s proposal was subject to a unanimous recommendation by the AVJennings board and a period of initial exclusivity for due diligence.
The company, which had entered into an exclusivity deed with Proprium and AVID, said its board will review the two rival proposals, but said there was no certainty that either offer would result in a transaction.
AVJennings is majority-owned by Singapore property developer SC Global.
The source: ASX announcement
