aged care placement | the better way
Posted: 9th July 2019
Aveo Group has confirmed Canadian investment firm Brookfield Asset Management as the "preferred party" with which it is holding takeover talks.
The ASX-listed retirement home operator last month said it had received a non-binding and conditional indicative takeover offer, without naming the party or putting a value on the offer.
Aveo revealed Brookfield as the company it had begin negotiations with in response to media speculation on Wednesday.
"Aveo continues to negotiate with Brookfield in respect of its Indicative Proposal with a view to entering into definitive agreements leading to a Scheme of Arrangement," the company told the ASX.
"There continues to be no certainty that it will result in an acceptable offer for Aveo securityholders or that a transaction will be implemented."
Aveo said it will provide a further update on or after July 22.
Last month Aveo announced it expected full-year underlying profit of about $50 million, down from $127.2 million in 2018.
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