Aveo’s April Ascension, page-5

From the AFR

Aveo bidders through to final round: sources

Two bidders are in final due diligence for listed retirement village owner Aveo Group.
Street Talk understands private equity giant Blackstone and another buy-out fund were granted "preferred bidder' status on Monday, indicating they will have more information and more time to finalise binding offers.
It is understood global special situations and deep value investor Lone Star Funds has withdrawn from the process.
Aveo hired Bank of America Merrill Lynch to run a strategic review of its retirement portfolio and operations in the second half of last year and launched an auction.
Indicative bids were received in late January, including offers from some bidders who were "interested in a whole of company transaction" as Aveo told shareholders when announcing its half-year profit result on February 13.

Investment bank UBS is advising Blackstone.
Aveo shares last traded at about $1.89, valuing the company's equity at $1.1 billion. The company also had $707.9 million net debt at December 31, which means any suitor would likely need to stump up more than $2 billion for the company including debt.
Aveo's biggest shareholder Mulpha Group, which is supportive of the strategic review, is also seen as a possible buyer.