Arvida rejects offshore fund's acquisition proposal

Retirement village operator Arvida Group has confirmed it received an acquisition approach from an offshore infrastructure fund in September.

The approach was said to be highly conditional and non-binding.

Arvida's board sought independent legal and financial advice before deciding not to engage with the proposal.

The board determined that the offer of $1.70 per share undervalued the company's intrinsic value and was not in the best interests of shareholders.

Arvida has informed the suitor that it does not wish to engage further and does not believe the proposal will proceed any further.

The company said it was disclosing the approach to ensure all shareholders were fully informed, as it had become aware that the existence of the approach may be known by some shareholders.