AVJennings receives acquisition proposal

AVJennings (ASX:AVJ) has received an unsolicited and non-binding proposal from Proprium Capital Partners and AVID Property Group to acquire all outstanding shares at $0.671 per share. The proposal is subject to due diligence and regulatory approvals.

Summary of AVJennings' acquisition proposal

AVJennings has received a proposal to acquire its shares at $0.671 each, a significant premium over recent prices. The proposal is non-binding and subject to due diligence, AVID board approval, and a Scheme Implementation Agreement. An Exclusivity Deed has been signed, granting AVID an exclusive period to conduct due diligence. The AVJennings Board plans to recommend the proposal, contingent on satisfactory due diligence. Shareholders may benefit from a premium and a potential special dividend. The proposal's completion requires regulatory and shareholder approvals. Barrenjoey and Allens are advising AVJennings, with further announcements anticipated as the process progresses.

Executive commentary on proposal

The Board of AVJennings intends to recommend the proposal, subject to satisfactory completion of due diligence and absence of a superior proposal.