This article is from the Australian Property Journal archive
US-based Avid Property Group’s proposed $294 million takeover of Gold Coast developer Villa World has received Foreign Investment Board approval.
Villa World shareholders will vote on the proposal on October 11.
Avid made an unsolicited initial offer of $2.23 per share in March requested due diligence, and made a revised takeover offer of $2.345 per share which Villa World’s board has accepted.
Villa World posted 47% drop in full-year profit due to the soft housing market.
