AVJennings Limited (ASX: AVJ) Receives Competing Acquisition Proposal
Competing Acquisition Proposal
AVJennings Limited (ASX: AVJ) has received an unsolicited proposal from Ho Bee Land Limited. The proposal offers $0.70 per share in cash for shares not currently owned by Ho Bee Land. This proposal is subject to several conditions including successful due diligence and approvals.
Ongoing Negotiations
The Ho Bee Land Proposal competes with an existing proposal from AVID Property Group, which offers $0.67 per share. AVJennings will notify AVID regarding the new proposal through the Exclusivity Deed established with AVID. The Board will evaluate both proposals with advice from financial and legal advisers.
Shareholder Instructions
AVJennings shareholders are advised not to take any action at this time concerning either proposal. The company emphasizes that there is no certainty that either proposal will culminate in a transaction. Further announcements will be made as the Board completes its review of the competing proposals.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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