Destinations

Village Roadshow extends takeover talks with failed Virgin bidder

Huntley Mitchell

Huntley Mitchell

Theme park operator Village Roadshow has extended the exclusivity period for its takeover discussions with BGH Capital by two weeks.

Village Roadshow, which operates well-known theme parks Warner Bros. Movie World, Wet’n’Wild and Sea World, along with a host of cinemas across the country, revealed to shareholders last month that it was in negotiations with the private equity firm over a potential privatisation takeover.

BGH, which recently failed in its bid for beleaguered airline Virgin Australia, has offered to acquire all of Village Roadshow’s shares by way of a scheme of arrangement at a price of up to $2.40 per share.

According to an ASX update by Village Roadshow, it has amended the transaction process deed with BGH, with the initial four-week period being extended by two weeks to 30 June.

Village Roadshow has also agreed to allow a further two-week extension if both parties continue to “actively pursue” the potential transaction.

The news comes as the company’s theme major theme parks prepare to reopen their doors under an industry-approved COVIDSafe plan.

Sea World will reopen on Friday 26 June, while Movie World and Wet’n’Wild will resume operations on Wednesday 15 July.


Featured image: iStock/Nils Versemann

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