Black Friday Sale! Save huge on InvestingProGet up to 60% off

Australia’s AVJennings soars nearly 100% on $242 mln private equity bid

Published 11/28/2024, 12:24 PM
AVJ
-

Investing.com-- Shares of Avjennings Ltd (ASX:AVJ) nearly doubled in value on Thursday after the Australian home builder received a buyout offer from American private equity firm Proprium Capital Partners (WA:CPAP).

AVJennings’ Sydney shares surged about 88% to A$0.620, having risen as high as A$0.650 earlier in the session. 

Proprium, through its AVID Property Group unit, offer $0.67 per share in cash for AVJennings, valuing the home builder at around A$373.7 million ($242 million).

The per-share figure represents a 103% premium to AVJennings’ close on Wednesday. 

Avid also proposed to allow AVJennings to pay a A$0.06 per share as part of the takeover deal. 

AVJennings’ board of directors said it was engaging with the offer, and recommended that shareholders vote in favor of the deal. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.