Village Roadshow Limited today announced that it has been approached by its major shareholder, Village Roadshow Corporation Pty Ltd (VRC), and informed that VRC is working on a proposal for the potential privatisation of Village.
Minter Ellison has been appointed as legal adviser to the independent directors in relation to any offer or proposal which may be made by VRC. UBS are acting as financial advisers.
Village has not yet received any formal offer or proposal from VRC, and said in a statement to shareholders that it can offer "no assurance that any offer or proposal will be received by Village or put to Village shareholders."
VRC is controlled by John Kirby, Robert Kirby and Graham Burke, each of whom are executive directors of Village. VRC and the Executive Directors control approximately 61% of the ordinary shares in Village.