This article is from the Australian Property Journal archive
SINGAPOREAN property development company Ho Bee Land has launched a takeover bid for AVJennings, to rival private-equity firm Proprium Capital Partners and AVID Property Group.
HBL currently indirectly holds 5.49% stake in AVJ and has made a rival offer of A$0.70 per share for the company, valuing its bid at $390.7 million.
The HBL bid is a superior offer to the $0.67 per share or $374 million offer on the table from AVID Property Group.
HBL said the acquisition of AVJ represents a good opportunity for the group to enhance its scale and capabilities in Australia.
HBL already has a presence in Australia.
“The merged Australian business will have a stronger financial position, increased revenue potential, and enhanced business’ capability to compete on a national level,” HBL said in a statement.
AVJ said the board review HBL proposal against the AVID proposal and has shareholders not to take any action in relation to either proposals at this time.
“The AVJennings Board will make a further announcement in relation to the Ho Bee Land proposal once it has completed its review of that proposal,” the board of AVJ said.
