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Stockland Corporation Ltd (ASX:SGP) has had its cash offer for Aevum Ltd (ASX:AVE) rejected.
Retirement village operator Aevum, today says that it has rejected the offer from Stockland to acquire the entire issued share capital of Aevum for $1.50 cash per share.
Aevum Chairman Graham Lenzner says the board believes Stockland's proposal is opportunistic and undervalues the company.
Stockland says their offer would value Aevum at $266 million and if successful would almost double the size of Stockland's retirement living business.
Stockland's managing director Mathew Quinn says joining the two businesses would provide greater diversity and scale to the benefit of the Aevum stakeholders.
Stockland reported a $1.8 billion loss for the year ending 30 June 2009.
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