Village Roadshow receives second takeover bid, as BGH tops PEP
Village Roadshow has been pitched a private equity bid that values the movie theatre and theme park operator at about $780 million, a month after receiving a similar proposal from a different private equity firm.
Australia-based BGH Capital has made a conditional and non-binding offer to buy Village Roadshow for $4.00 a share.
That represents a 25 per cent premium to the price prior to Pacific Equity Partners’ $3.90 a share proposal announced on December 19.
Village Roadshow shares were A$3.85 at Thursday’s close.
The company said its board is still considering the PEP proposal and will now look over the rival BGH offer.
It said BGH indicated it is willing to pay in cash or a combination of cash and shares in a newly incorporated holding company.
Village Roadshow swung to a net loss of A$6.6 million in the 12 months through June, though net debt was cut by 35% to A$219.6 million.
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