Aveo provides update on Brookfield takeover discussions

Company News

by Anna Napoli

Operator and manager of retirement communities, Aveo Group (ASX:AOG) has today announced significant progress has been made in negotiations with Canadian investment powerhouse Brookfield Property Group regarding a Scheme of Arrangement for a whole-of-company transaction.

Aveo says the Independent Board Committee is continuing to engage with Brookfield in order for the parties to conclude their negotiations to acquire the retirement village owner.

Aveo says there is no certainty that definitive agreements will be entered into, that the Indicative Proposal will result in an acceptable offer for Aveo securityholders or that a transaction will be implemented.

Last month Aveo flagged a slump in its full-year profit on the back of deteriorating residential property market conditions across Australia and uncertainty around future retirement sales and settlement levels.

Shares in Aveo Group (ASX:AOG)  are trading 1.3 per cent higher at $1.95.