News
AVID submits non-binding proposal to acquire AV Jennings
November 28, 2024 | IN Media Release and News | BY AVID | 2 min read
AVID Property Group (AVID), a residential property developer and operator managed by real estate private equity firm Proprium Capital Partners, notes the ASX Announcement made by AV Jennings Limited (AVJ) regarding an offer by AVID for AVJ.
AVID confirms that it submitted an indicative and non-binding proposal (Indicative Offer) to AVJ on 27 November 2024 to acquire 100% of the outstanding shares in AVJ through a scheme of arrangement at a cash price of $0.67 per share.
AVID believes that the Indicative Offer would deliver an attractive value proposition for AVJ shareholders as it provides a meaningful premium to AVJ’s recent trading, value certainty of all cash consideration and is subject to limited conditionality. The Indicative Offer implies a significant premium of 91.4% to AVJ’s last closing price of $0.35 per share as at 26 November 2024.
AVID CEO, Cameron Holt, said: “We are pleased to announce our submission of this proposal to acquire AVJ, a company with notable brand value and industry heritage, which we believe has significant synergy with AVID. AVJ’s existing portfolio and its pipeline of residential communities in Australia and New Zealand are complementary to AVID’s portfolio and growth strategy, and will add further depth to our high-quality product offering for a broad range of customers if the acquisition eventuates.
“Today’s announcement follows the launch of our new $1.1 billion Vantage business earlier this year, focused exclusively on Australia’s fast-growing land lease communities sector. We have expressed our intention to continue scaling our portfolio of land lease sites and today’s announcement is another important milestone in the expansion of our strategy beyond developing master-planned communities, with an AVID housing offer available no matter your stage of life.”
At this stage, there is no assurance that any transaction will eventuate. The Indicative Offer was intended as an expression of interest and is not intended to constitute, and does not constitute, a legally binding offer. Any agreed transaction would require satisfactory due diligence outcomes, Board approvals and the negotiation and execution of a Scheme Implementation Agreement (SIA). The implementation of the SIA would then also be subject to various conditions including regulatory, court and shareholder approvals.
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