AVJennings (ASX:AVJ) agreed to sell all of its shares to Proprium Capital Partners and Avid Property Group at a reduced offer and terminated talks with Singapore-based suitor Ho Bee Land, according to a Tuesday filing with the Australian bourse.

Under the terms of the scheme implementation deed, Proprium Capital Partners and Avid Property Group will acquire AVJennings for AU$0.655 cash per share via a scheme of arrangement. This is lower than the bidder's previous offer of AU$0.67 in cash per share disclosed in November 2024.

AVJennings may also pay a fully franked special dividend on or before the scheme record date, allowing shareholders to receive up to roughly AU$0.072 per share in franking credits, per the filing.

Proprium Capital Partners and Avid Property's revised offer is an almost 99% premium to the closing price of AVJennings' shares on Nov. 27, 2024. The offer has the unanimous support of AVJennings' board of directors.

SC Global Developments, which owns 54.02% of the issued share capital of AVJennings, intends to vote in favor of the scheme, the filing stated.

The deal is subject to shareholders' approval and other conditions.

Meanwhile, the board decided to terminate its talks with Ho Bee Land, which had made a non-binding proposal to acquire AVJennings for AU$0.70 in cash per share.