The Aveo Group (ASX: AOG) share price went up 10.3% today after making an exciting announcement.
Aveo Group is the owner, operator and manager of retirement communities across Australia. It wants to be the leading and most innovative retirement village operator.
Why The Aveo Share Price Is Going Bananas
Aveo said that its independent board committee (IBC), which was set up to respond to interested parties, has approved the first phase of the strategic review process.
A number of indicative, non-binding bids were received in late January 2019 which were from groups that wished to acquire the entire Aveo business.
Due diligence by the parties is continuing, although there is no certainty that an acceptable offer will eventuate for Aveo.
The IBC, together with Aveo’s advisors, have invited the shortlisted parties into the second stage of the process which commenced in late February 2019.
Even if nothing happens, the talk of a takeover is doing the job of closing the gap between the share price and the underlying value of Aveo’s retirement properties.
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