Villa World (ASX:VLW) and AVID are set to enter into a scheme implementation agreement following the completion of due diligence by AVID..
Under the agreement AVID will acquire all of the ordinary shares in Villa World by way of a scheme of arrangement for $2.3451 per share in cash (Scheme).
The board of directors of Villa World has unanimously recommended that shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert's recommendation.
Villa World says it's pleased to be entering into a binding transaction with AVID today which provides our shareholders the opportunity to realise their investment in Villa World at an attractive and certain price.
Shares in Villa World (ASX:VLW) closed 0.44 per cent lower at $2.28 on Friday.