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