In today’s briefing:
- AVJennings (AVJ AU): AVID’s Indicative Offer at A$0.67 (103% Premium)
- AVJennings (AVJ AU): AVID’s Done Deal
AVJennings (AVJ AU): AVID’s Indicative Offer at A$0.67 (103% Premium)
- Avjennings Ltd (AVJ AU) disclosed a non-binding indicative proposal from AVID at A$0.67 per share, a 103.0% premium to the undisturbed price.
- The proposal is subject to due diligence (till 31 January 2025), entry into a scheme implementation deed, and shareholder and regulatory approvals (FIRB and OIO).
- The largest shareholder supports the offer, which represents a 20-year high. AVID has completed initial due diligence, lending confidence that a binding proposal will materialise.
AVJennings (AVJ AU): AVID’s Done Deal
- On the 28th November, AVJennings Ltd (AVJ AU), a widely recognised home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.
- AVID, comprising Proprium Capital Partners and AVID Property Group, have pitched an NBIO (by way of a Scheme) of A$0.67/share, in cash, a punchy 103% premium to last close.
- Apart from entering a SIA after DD (expected end-Jan completion), the Offer requires FIRB and OIO to sign off. AVJ’s board, controlled by Singapore’s SC Global (54.5% shareholder) is supportive.
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