Avid Property to take over Villa World
Queensland residential developer Villa World has agreed to be taken over by private equity-backed Avid Property.
Avid have offered a cash offer price of $2.34 per share in its revised proposal.
Born out of Investa Land, Elenberg Fraser is a diversified Australian property development business with a $3 billion portfolio of residential, industrial and commercial projects.
The board of directors of Villa World unanimously recommend that its shareholders vote in favour.
The $2.34 per share represented a 17.8% premium to the Villa World closing share price of $1.99 on 14 March 2019.
Since 1986, Villa World has created over 19,000 properties across Australia with more than 45,000 Australians calling a Villa World address their home.
The company has been operating as a listed entity for over 30 years.