AVN 0.00% $3.41 aventus group

Oct 18 (Reuters) - Australia's HomeCo Daily Needs REIT (HDN)...

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    Oct 18 (Reuters) - Australia's HomeCo Daily Needs REIT (HDN) said on Monday it and property firm Home Consortium (HMC) offered to buy asset manager Aventus Group (AVN) in a deal valued at A$2.18 billion ($1.62 billion).

    Shareholders of the New South Wales-based asset manager have been offered an implied A$3.82 per security, representing a 15.8% premium to its closing price on Friday.

    "The increased scale and enhanced capability will allow the merged group to unlock significant value that would not have been accessible on a standalone basis," said Simon Shakesheff, HomeCo Daily Needs REIT's chairman.

    The real estate investment trust said the combined company would have a portfolio of A$4.1 billion and a market value of $3.2 billion.

    Following the merger, Darren Holland and Lawrence Wong of Aventus will be appointed as the chief executive officer and chief financial officer of HomeCo Daily Needs REIT, respectively. ($1 = 1.3468 Australian dollars)

 
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