This article is from the Australian Property Journal archive
US-managed diversified property developer Avid Property Group has made a takeover offer of $279 million for Villa World, as part of its strategy to expand into greenfield developments on Australia’s east coast.
Avid, which was previously known as Investa Land up until 2016, is local arm of US private equity investment firm Proprium Capital.
Avid has made an offer of $2.23 per share and requested due diligence.
Villa World’s managing director Craig Treasure said the indicative proposal is conditional and incomplete, and is subject to a number of conditions, including satisfactory completion of due diligence; negotiation and execution of a scheme implementation agreement; and receipt of approval from the Avid board of directors.
The proposal is also subject to assumptions which include Villa World not divesting any material assets.
The proposal also requires the approval of the Foreign Investment Review Board.
Treasure said the board of Villa World is currently in the process of appointing advisors and shareholders do not need to take any action at this stage.
“There is no guarantee that following the board’s consideration of the indicative proposal that AVID will be granted diligence or that the indicative proposal will result in a transaction or that the board will recommend any proposal,” he added.
Australian Property Journal
