This article is from the Australian Property Journal archive
ASX-listed Villa World remains keen on Avid Property Group’s $279 million takeover offer, extending the exclusive due diligence discussions for a “short period”.
The US-managed diversified property developer Avid made a revised takeover offer of $2.345 per share that Villa World said at the beginning of May it would unanimously recommend to shareholders.
Avid, previously known as Investa Land, is local arm of US private equity investment firm Proprium Capital. It has a pipeline of circa $3 billion of broadacre, medium-density and industrial projects, and is keen to expand into greenfield developments on Australia’s east coast.
It made an unsolicited initial offer of $2.23 per share in March for the Gold Coast-based developer and requested due diligence.
