AVJennings (ASX:AVJ) said Avid Property Group continues to conduct due diligence to facilitate a binding proposal even as its exclusivity period ended on Jan. 31, according to a Monday filing with the Australian bourse.
Last November 2024, the company received an unsolicited, incomplete, and non-binding indicative takeover proposal from Proprium Capital Partners and Avid Property Group to acquire AVJ's shares by way of a scheme of arrangement for AU$0.67 cash per share.
The company said that shareholders need not take any action at this time, as there is no certainty that the proposal will lead to a binding offer or transaction.
In the same filing, the company said Ho Bee Land is continuing to conduct due diligence under their recently disclosed confidentiality and exclusivity agreements. Ho Bee Land is acquiring AVJennings shares it does not already own for AU$0.70 apiece.
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