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BGH increases its offer for Village Roadshow shares

Business

BGH has increased its takeover offer for Village Roadshow after key shareholders appeared certain to reject the offer.

Print article

Village told the market this morning that it had agreed with BGH Capital to lift the cash offer to $3 under scheme A and $2.95 under scheme B.

Its shares jumped 15 per cent this morning but still only to $2.83.

Major shareholder Spheria, which holds 7.8 per cent of the company, has revised its intentions and would not vote in favour of the offer.

“The cash consideration under the Structure A Scheme and Structure B Scheme is now above the independent expert’s value range of $2.03 to $2.80 per Village share,” Village told shareholders this morning.

“The BGH transaction provides the opportunity for all Village shareholders to realise an attractive cash price for all of their VRL shares, in a very uncertain environment.

“It represents significant value for all VRL shareholders relative to all alternatives, including the status quo. ”

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