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Villa World advised on acquisition by AVID
Gold Coast-based residential property developer Villa World has been advised on the acquisition of 100 per cent of its shares for over $400 million.
Jerome Doraisamy
Source: villaworld.com.au
Firm: Allens (Villa World Limited).
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Deal: Allens has advised Villa World in relation to the scheme of arrangement under which AVID Property Group Australia Pty Limited will acquire 100 per cent of the shares in Villa World for an enterprise value of $409 million.
Area: Corporate.
Value: $409 million.
Key players: The Allens team was led by partner Julian Donnan, who was supported by partners Stuart McCulloch, Chelsey Drake, Kim Reid, Karla Fraser, James Darcy and Joseph Power, senior associates Keegan Lopez and Jay Prasad, associates Miles Ma and Guy Stuckey-Clarke, and lawyers Andrew Mon and Sevanne McGarity.
Deal significance: The approval of the scheme followed months of negotiations, said Mr Donnan.
“Following an extensive negotiation process, we were delighted to help Villa World secure a positive result for its shareholders, increasing AVID’s initial offer to $2.345 per share,” he said.
“The scheme also assisted in clarifying the courts’ approach to interested target directors joining in recommending a scheme to target shareholders, moving away from recent Federal Court decisions that had tended to cast doubt on that proposition.”
