Property developer Villa World (ASX:VLW)
plans to recommend that shareholders vote in favour of the revised $293.5 million takeover offer from AVID Property Group Australia Pty Ltd.
The offer for $2.3451 per share cash (revised) is indicative, conditional, incomplete and non-binding.
The Company granted exclusive due diligence to AVID for a limited period (not specified) to progress the new proposal and allow time for a binding offer.
The company expects to provide an update on the revised proposal by the end of June 2019. However, reminds shareholders there is no guarantee that the revised proposal will result in a transaction.
Shares in Villa World (ASX:VLW)
are trading 2.2 per cent lower at $2.26.