Singapore-listed Bee Ho Land (HBL) has made a A$390m (€234m) counter-offer for Australian residential developer AVJennings (AVJ).
Last November, AVJennings received what its board described as “an unsolicited, incomplete and non-binding indicative proposal” from Proprium Capital Partners and its Australian subsidiary, AVID Property Group, to acquire all outstanding shares in AVJ by way of a scheme of arrangement, for cash consideration of A$0.67 per share or A$374m.
HBL said that it had submitted to the directors of AVJennings a non-binding indicative offer (NBIO) for acquisition of all AVJ shares that it did not currently indirectly own at A$0.70 a share. HBL currently indirectly holds 5.49% stake in AVJ.
The HBL board said the proposed transaction remains subject to, among others, the entry into a scheme implementation deed and other definitive documents after negotiations between HBL and AVJ.
In response to the latest offer, AVJennings said: “The Ho Bee Land proposal is a competing proposal to the AVID Proposal and AVJennings will notify AVID of the Ho Bee Land proposal in accordance with the exclusivity deed.
“The AVJennings board, with the assistance of its financial and legal advisers, will review the Ho Bee Land proposal against the AVID proposal.”
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