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Company News Summary

Villa World Announces Acquisition Proposal Received

14 Mar 2019  |  17:15:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Acquisition proposal received

Villa World announced that it received an unsolicited proposal from AVID Property Group Australia (AVID) to acquire all the shares in the Company by way of scheme of arrangement. The Indicative Proposal is stated to be an indicative, conditional, incomplete and non-binding expression of interest. Since its receipt, the Board has convened to discuss the Indicative Proposal and has decided that, despite the incomplete, conditional and non-binding nature of the approach, it wants its security holders to be appropriately informed. The indicative consideration offered by AVID is effectively $2.231 per share. AVID has stated that it expects to be able to fund the acquisition of 100% of the Company from internal resources, equity contributions from AVID's shareholders and debt facilities.

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