Avid buys AV Jennings
US-based Proprium Capital Partners, for its local managed arm Avid, has made a $365 million takeover bid for home builder and developer AV Jennings.
The deal, which AV Jennings announced as being in due diligence in November, came after another with Singaporean Ho Bee Land fell through.
The Melbourne group accepted a discount – with the initial bid c$377m.
The revised offer – 65.5c per share – is still a 98.5pc premium to the pre-bid stock date (27 November, 2024).
Unitholders will also receive a one-off dividend equalling 7.2pc per share in franking credits (story continues below).
AV Jennings’ largest backer, Singapore’s SC Global Developments – holding 54 per cent – supports the offer, which was lower than the HB Land bid before due diligence – $397m, but is said to offer more certainty.
Company directors will now circulate a scheme booklet with reasonings, recommendations and independent expert reports.
They have also appointed Allens for legal work and Barrenjoy as financial capital adviser.
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