Aveo Group’s independent expert KPMG has blessed the controversial $1.3 billion takeover offer by Brookfield, saying the offered price represents a “substantial premium” for shareholders.
In a report the retirement home operator published after market close on Friday, KPMG Financial Advisory Services said it had assessed Aveo shares to be in the range of $2.08 to $2.39 and that Brookfield's cash $2.15-per-share offer – excluding the annual 4.5¢ dividend – was fair and reasonable.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
