This article is from the Australian Property Journal archive
Former childcare centre mogul Michael Gordon and SunnyCove Management have decided not to proceed with the takeover of retirement village operator, Village Life.
Yesterday, SCV and Gordon’s company Bydand Capital only managed to secure a 24.06% interest in the retirement village operator and it had set a condition of 90% acceptances in September.
SCV’s offer has now lapsed and all persons who accepted the offer will now have their VLL shares returned to them.
SCV and Gordon’s bid had earlier failed to entice Village Life’s major shareholder MFS Diversified, who rejected the takeover offer.
MFT holds a 19.9% stake in Village Life.
Prior to the bid, Gordon, who made his fortune after selling his 55% stake in Peppercorn Management Group to ABC Learning Centres for $130 million, held a 13.99% interest in Village Life.
Gordon also has a 21.1% stake in SCV and was the main backer of SCV’s bid for Village Life.
By Adam Parsons