Villa World plans to recommend AVID $293.5m takeover offer

Company News

by Jessica Amir

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.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.