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

by November 28, 2024
written by November 28, 2024

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. 

This post appeared first on investing.com
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