The Aveo Group (ASX: AOG) share price is up 6% as it gets closer to being taken over.

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.

Aveo’s Takeover News

Aveo has entered into a takeover arrangement with Brookfield, a Canadian based asset manager.

The retirement community business’ shareholders will receive total cash of $2.195 per share, including the FY19 annual distribution of 4.5 cents per share.

This offer price is a 28% premium to Aveo’s share price before all of the takeover offers for the business.

Aveo said that the takeover only has a limited number of conditions and is not subject to financing or due diligence. The entire Aveo Board of Directors have recommended that shareholders vote for the takeover unless a better offer materialises.

The Independent Board Committee Chairman Walter McDonald said: “The IBC and full Aveo Board have unanimously concluded that in light of Aveo’s short-to-medium term outlook the Brookfield Transaction is in the best interests of our securityholders.”

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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).

At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.