Australia’s AVJennings soars practically 100% on $242 mln personal fairness bid By Investing.com

Investing.com– Shares of Avjennings Ltd (ASX:) practically doubled in worth on Thursday after the Australian residence builder obtained a buyout supply from American personal fairness agency Proprium Capital Companions (WA:).

AVJennings’ Sydney shares surged about 88% to A$0.620, having risen as excessive as A$0.650 earlier within the session. 

Proprium, by way of its AVID Property Group unit, supply $0.67 per share in money for AVJennings, valuing the house builder at round A$373.7 million ($242 million).

The per-share determine represents a 103% premium to AVJennings’ shut on Wednesday. 

Avid additionally proposed to permit AVJennings to pay a A$0.06 per share as a part of the takeover deal. 

AVJennings’ board of administrators mentioned it was partaking with the supply, and really helpful that shareholders vote in favor of the deal.