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Village Roadshow moves toward acquisition by private equity firm
In a deal valuing the company at $758 million, Village Roadshow has agreed to a takeover deal by private equity firm BGH Capital.
With BGH Capital and Pacific Equity Partners having each moved to acquire the cinema, entertainment and theme park business over the Christmas 2019 and New Year period, after months of negotiations Village shareholders are being offered up to $2.45 for their shares.
This price relies on the reopening of Queensland's borders (while currently operating the group's theme parks are only open to Queenslanders) and when Village Roadshow can reopen its cinemas.
The deal will only go ahead if shareholders approve the acquisition at a meeting set for November.
If the deal is approved, the BGH transaction will be completed shortly after.
The Independent Committee of Village Board of Directors (IBC) have unanimously recommended the BGH agreement and believe the deal is in the best interest for shareholders.
IBC Chairman Peter Tonagh advised "the BGH Transaction provides the opportunity for all VRL shareholders to realise an attractive cash price for all of their VRL shares, in a very uncertain operating environment. VRL shareholders will also have the opportunity to elect to retain an equity interest in an unlisted VRL entity that is controlled by BGH."
Village Roadshow has secured a $70 million loan facility from the Queensland Government to continue operations during COVID-19.
Image: Wet'n'Wild Gold Coast with the Surfrider in the foreground. Wet'n'Wild Gold Coast regularly features among the world's top performing waterparks.
14th August 2020 - Ardent Leisure to reopen Dreamworld on 16th September
12th May 2020 - Village Roadshow Chief Executive calls for JobKeeper extension as Queensland Government’s Coronavirus easing roadmap suggests reopening of theme parks, entertainment venues and stadiums in June
6th April 2020 - Village Roadshow Theme Parks backs staff during lockdown
24th January 2020 - Private equity group BGH Capital submits rival bid for Village Roadshow
30th December 2019 - Sea World polar bear Liya dies aged 19
23rd December 2019 - Sea World hit with new protests over dolphin care
20th December 2019 - Private equity firm makes $750 million offer for Village Roadshow
1st November 2019 - Warner Bros. Movie World opens costume showcase to guests
11th September 2019 - Village Roadshow Theme Parks reveal schedule for opening of new Sea World attractions
27th May 2019 - World’s busiest waterparks see ongoing attendance rise
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