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Private equity group BGH Capital submits rival bid for Village Roadshow

Private equity group BGH Capital submits rival bid for Village Roadshow
January 24, 2020

Village Roadshow has received a $770 million takeover offer from private equity group BGH Capital, sparking a potential bidding war for the entertainment group after rival Pacific Equity Partners lobbed a bid in December.

BGH Capital today proposed to buy Village Roadshow shares for $4, valuing the business at more than $770 million.

The bid from BGH Capital comes a month after the ASX-listed company proposed that Village Roadshow Corporation, the private vehicle owned by Robert Kirby, John Kirby and former Chief Executive Graham Burke, had agreed to sell its shares to Pacific Equity Partners (PEP) for $3.90.

In a statement to the Australian Securities Exchange, the cinema and theme park operator advised "BGH has indicated it is willing to offer all cash consideration or a combination of cash and unlisted shares (subject to caps and scale back provisions) in a newly incorporated holding company.”

The Sydney Morning Herald and The Age revealed the company and Burke had fielded an offer from BGH of less than $650 million before selling their shareholdings to Pacific Equity Partners.

Village Roadshow had already formed a committee to assess the PEP proposal, and will now assess both offers.

The PEP proposal has already received support from some analysts, with major investment bank JPMorgan describing the offer in a note as an “early Christmas present for (Village Roadshow) shareholders”.

Village Roadshow’s share price was below $3 before John Kirby led a shareholder revolt against his brother Robert Kirby. The disagreement was made public, but in August Burke said the feud was over after the business returned to a net profit and re-structured management.

Burke retired from his role at the end of 2019 and has been replaced by Robert Kirby’s son, Clark Kirby.

Image: The SuperVillains ride at Warner Bros. Movie World.

Related Articles

20th December 2019 - Private equity firm makes $750 million offer for Village Roadshow

15th October 2019 - Village Roadshow reveals profit turnaround in last financial year

13th September 2019 - Village Roadshow Theme Parks announces naming rights partnership with Gold Coast Marathon

11th September 2019 - Village Roadshow Theme Parks reveal schedule for opening of new Sea World attractions

22nd July 2019 - Ongoing board changes at Village Roadshow see appointment of Clark Kirby as Chief Executive

3rd July 2019 - Access and perimeter security solution secures Village Roadshow Theme Parks

27th May 2019 - Village Roadshow Theme Parks to operate China’s Lionsgate Entertainment World

25th May 2019 - Village Roadshow reveals $50 million investment into Gold Coast theme parks

22nd May 2019 - Clark Kirby explains his drive to ‘challenge everything’ within Village Roadshow Theme Parks

20th May 2019 - Village Roadshow’s Gold Coast theme parks boosted by recent visitor numbers

22nd February 2019 - Village Roadshow report rising earnings and record-breaking January period for theme parks while writing off Dreamworld as competition

26th November 2018 - Village Roadshow Theme Parks launches Australian Outback Spectacular’s Heartland

14th November 2018 - Village Roadshow Theme Parks set to launch its biggest Summer Ever

23rd August 2018 - Village Roadshow blames Commonwealth Games and Dreamworld deaths for disappointing results

2nd July 2018 - Village Roadshow sells Wet’n'Wild Sydney to Spanish attractions operator

13th June 2018 - Chinese waterpark boosts Village Roadshow performance: Ardent completes bowling division sale

30th April 2018 - Village Roadshow and Chinese partners open Wet’n’Wild waterpark in Hainan

20th March 2018 - Village Roadshow Theme Parks offers free entry to Commonwealth Games athletes and volunteers

17th February 2018 - Village Roadshow reveals ‘incredibly disappointing’ results for Wet’n'Wild Sydney

5th January 2018 - Village Roadshow Theme Parks and Surfers Paradise Alliance enter marketing partnership


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