AVJennings Limited (ASX: AVJ) Proposals Update
AVJennings Limited (ASX: AVJ) has provided an update on two conditional, non-binding indicative proposals regarding the acquisition of the company. The proposals have come from Ho Bee Land Limited and AVID Property Group.
Ho Bee Land Proposal
Ho Bee Land has proposed to acquire all outstanding AVJennings shares for cash consideration of $0.70 per share, subject to a scheme of arrangement. The company’s Board has acknowledged that the fiduciary exception applies to this proposal. Therefore, AVJennings intends to grant due diligence access to Ho Bee Land upon entering confidentiality arrangements.
AVID Property Group Proposal
AVID Property Group previously submitted a non-binding proposal to acquire shares for $0.67 per share through PM Nominees C Pty Ltd. The exclusivity arrangements established with AVID remain in effect, allowing them ongoing due diligence access until 31 January 2025.
AVJennings shareholders are advised that no action is required at this time regarding either proposal. The company stresses that there is no certainty that these proposals will culminate in a transaction. Future updates will be provided as required under continuous disclosure obligations.
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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