AVJennings (ASX:AVJ) confirmed receipt of an unsolicited, incomplete, and non-binding indicative takeover proposal from Proprium Capital Partners and Avid Property Group, according to a Thursday filing with the Australian bourse.

Under the proposed scheme of arrangement, AVJennings shareholders would be entitled to AU$0.67 cash per share, less any dividends that they become or are entitled to receive after Wednesday, the filing said.

The offer represents a 103% premium to the closing price of AVJennings shares Wednesday.

The buyers are also proposing to permit AVJennings to pay a fully franked special dividend on or before the scheme implementation date, allowing eligible AVJennings shareholders to receive up to roughly AU$0.06 per share in franking credits, the filing stated.

AVJennings directors granted the buyers access to a confirmatory due diligence period through to the end of January 2025 and exclusivity to facilitate a binding proposal, as per the filing.

The residential property development company's shares soared nearly 88% in afternoon trade Thursday and earlier hit a new 52-week high.

Price (AUD): $0.62, Change: $+0.29, Percent Change: +87.88%