Australian retirement communities manager Aveo Group has accepted a A$1.27bn (鈧�771m) takeover offer from Property Group.
Last month, Aveo confirmed that it had selected Brookfield as its 鈥減referred party鈥� in takeover talks following media speculation.
At the time, Aveo said it continued to negotiate with the Brookfield in respect of 鈥渋ts indicative proposal, with a view to entering into definitive agreements leading to a scheme of arrangement鈥�.
Aveo said today that it has unanimously concluded the Brookfield transaction is in the best interests of its security-holders.
By way of a scheme of arrangement, the Canadian investor will offer cash or scrip to buy outstanding Aveo securities at A$2.195 per security.
The cash consideration represents a 28% premium to Aveo鈥檚 last closing security price in mid-February, before it updated the market that it had received a number of bids for its business.
Aveo runs some 90 villages, housing more than 13,000 residents, across Australia.
