AVJennings (SGX:A05, ASX:AVJ) has signed confidentiality and exclusivity agreements with Singapore-based Ho Bee Land (SGX:H13), granting due diligence access until Feb. 21, according to a Monday filing on the Singapore Exchange.
This follows Ho Bee Land's non-binding proposal to acquire the remaining AVJennings shares it does not own for AU$0.70 each, less dividends, via a scheme of arrangement.
Discussions with AVID Property Group, another bidder, will continue under separate exclusivity terms until Jan. 31. AVJennings said there is no certainty either proposal will result in a binding offer.
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