Villa World (ASX:VLW) has provided the market with an update on AVID Property Group's non-binding indicative cash offer of $2.3451 per share to acquire the company.
The board of directors of Villa World have granted exclusive due diligence to AVID to enable AVID to progress its revised proposal and facilitate a binding proposal.
Villa World says the parties are well advanced in negotiating transaction documentation, and are working diligently in good faith towards resolving the terms which remain subject to final agreement.
Villa World's engagement with AVID is now being conducted on a non-exclusive basis following expiry of the exclusivity period. There is no certainty that the Revised Proposal will result in a scheme of arrangement being formally proposed.
Shares in Villa World (ASX:VLW) are trading flat at $2.20.