Ho Bee Land Makes Non-Binding Offer to Acquire AV Jennings for AU$391 Million

MT Newswires

01-15

Ho Bee Land (SGX:H13) made a non-binding indicative offer to acquire all of the shares of dual-listed AV Jennings (ASX:AVJ, SGX:A05) that it does not already own, according to a filing with the Singapore Exchange on Wednesday.

The total proposed consideration amounts to AU$390.7 million, with shareholders set to receive cash payments of AU$0.70 per share.

Ho Bee Land will execute the acquisition of the residential property development company through a scheme of arrangement.

Ho Bee Land indirectly holds 5.49% stake in the Australian company.

The acquisition is seen as an opportunity for the group to consolidate its presence in Australia, according to the filing.

AV Jennings' shares were up nearly 8% in recent trading.

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