AVJennings (ASX:AVJ) received an unsolicited, conditional, and non-binding indicative proposal from Singapore-based real estate company Ho Bee Land to acquire all of the shares it does not already own in the company for AU$0.70 apiece through a scheme of arrangement, according to a Wednesday filing with the Australian bourse.
The company has signed an exclusivity deed with Proprium Capital Partners (Australia) and AVID Property Group in November 2024 for an indicative proposal to acquire 100% of the company's shares through a scheme of arrangement for AU$0.67 apiece.
The company will review the competing bid from Ho Bee Land and inform AVID in line with the exclusivity deed, the filing said.
AVJennings shares rose 7% in midday trade Wednesday and earlier hit a fresh 52-week high.
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