Australia's AVJennings on near 7-yr high after receiving competing offer from Singapore co

Avjennings

15/01/2025 01:08

** Shares of AVJennings  AVJ.AX  rise 6.3% to A$0.68, hitting their highest since March 22,
2018
    ** Real estate developer receives an unsolicited competing proposal from Singapore-based
real estate firm Ho Bee Land  HBEE.SI  to acquire all AVJ's shares it does not already own for
A$0.7 per share
    ** Offer price represents a 9.4% premium on stock's last close of A$0.64
    ** Proposal comes after AVJ entered into exclusivity deed with investing firm Proprium
Capital Partners (Australia) and AVID Property for their proposal to acquire co
    ** AVID cash proposal of A$0.67 per share valued co at A$373 mln ($230.59 mln)
    ** Stock rose as much as 8.6% during the session so far, their largest intraday pct gain
since late Nov
    ** More than 1.5 mln shares change hands vs 30-day avg volume of around 985,000 shares
    ** Stock up ~7.1% YTD, including current session's moves

($1 = 1.6176 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com))