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Village Roadshow Receives $517 Million Takeover Bid From Private Equity Firm

Thursday, December 19, 2019

Australia’s Village Roadshow said it has received a conditional takeover bid from private equity firm Pacific Equity Partners for $761.2 million Australian dollars ($517 million USD), the studio, theme park and movie theater operator announced Wednesday.

Village Roadshow shares were halted for sale on Thursday, but the takeover bid, amounting to A$3.90 per share, is 21.9% above Village Roadshow’s Wednesday closing price, Reuters reported Wednesday. The shares would be purchased from Village Roadshow Corporation, the privately-owned parent company that with 34% holding serves as Village Roadshow’s largest shareholder.

According to the Australian Financial Review, the final deal could be worth as much as A$1 billion, including debt.

Village Roadshow said Wednesday that Pacific Equity Partners has indicated willingness to offer a full cash transaction or a combination of cash and a scrip issue.

Village Roadshow’s Australian film studios, one of the Southern hemisphere’s largest, was home to the production of “Aquaman,” “Thor: Ragnarok,” “Kong: Skull Island,” and “Pirates of the Caribbean: Dead Men Tell No Tales” among many others.

The company named Alix Jaffe as executive vice president of television in April. She will oversee the company’s plans to build out an independent television business with a focus on scripted content, the company announced at the time.

Village Roadshow did not immediately respond to a request for comment.

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Source: the wrap feed