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)
News: HMC Australia's HomeCo, Home Consortium to buy asset manager Aventus for $1.6 bln
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Last
$3.63 |
Change
0.100(2.83%) |
Mkt cap ! $1.497B | |||
| Open | High | Low | Value | Volume |
| $3.53 | $3.64 | $3.48 | $7.658M | 2.139M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 20115 | $3.60 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.64 | 4765 | 3 |
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| HMC (ASX) Chart |