Ho Bee Land drops acquisition bid for Australia’s AVJennings

AVJ has accepted a competing binding offer.

Ho Bee Land will no longer proceed in its takeover bid of AVJennings Limited (AVJ).

“The Board of Directors of Ho Bee Land Limited wishes to announce that it has decided not to proceed with a binding offer for AVJennings Limited following the announcement of AVJ accepting a competing binding offer,” Ho Bee Land said in a statement on 1 April 2025.

AVJ is an Australia-based residential property development company.

On 15 January, Ho Bee Land announced a plan to acquire all remaining shares of AVJ that it does currently own. At the time, Ho Bee Land said that it indirectly held a 5.49% stake in AVJ.

The bid came after AVJ received a proposal from Proprium Capital Partners (Australia) and AVID Property Group to acquire all of the outstanding shares in AVJ on 28 November 2024. The proposed cash consideration for the acquisition was A$0.67 per share at the time.

“The Company appreciates the engagement of AVJ’s Board and management 
and wishes them continued success,” Ho Bee Land said.