Aveo shareholders give the nod to $1.3 billion takeover

Written on the 7 November 2019 by Business News Australia

Aveo shareholders give the nod to $1.3 billion takeover

Aged care provider Aveo Group (ASX: AOG) is on track to leaving the ASX after almost 92 per cent of shareholders voted in favour of a takeover scheme from Canadian private equity behemoth Brookfield.

Scrip election votes representing more than 17 per cent of shares were already in favour of the $1.3 billion deal before yesterday's vote, coming within a week of approval from the Foreign Investment Review Board (FIRB).

The acquisition comprises two schemes by entities controlled by Brookfield Asset Management Inc, which will now be reviewed by the Supreme Court of NSW at 9:15am on 13 November.

Aveo's independent board committee (IBC) chairman Walter McDonald (pictured) told shareholders "today marks an important day in Aveo's history".

"If the Court approves the Schemes, a copy of the Court order approving the Schemes will be lodged with ASIC and the Schemes will become Effective," McDonald said in an address yesterday before the vote.

"Aveo will then apply to ASX for its securities to be suspended from official quotation on ASX from close of trade on this day."

McDonald noted no superior proposal to Brookfield's $2.15 per share offer had been received.

"Aveo is the market leader in retirement living in Australia. Our employees have worked hard to deliver, innovate and improve living choices for older Australians, including for our 14,000strong residents across our national footprint of vibrant communities," said McDonald, who is also a non-executive director at the company.

"I would like to thank my fellow Board members for their hard work during the year and extend our appreciation and thanks to all Aveo employees for the devotion and commitment to ensuring the wellbeing of all our residents."

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Business News Australia

 
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