Village Roadshow Limited (ASX:VRL) announced that BGH Capital has reduced its takeover offer by 40%, offering $2.4 per share from its earlier offer of $4 in 2019. BGH’s acquisition proposal is subject to standard due diligence and VRL will spend 4 weeks to complete it with BGH. However, VRL warned that there was no certainty that the proposal will lead to a transaction.
VRL has taken measures to protect from COVID-19 which include:
- maintaining capital and liquidity
- participating in the Commonwealth Government’s JobKeeper arrangements to support employment for its employees
- delaying large capital expenditure projects post COVID-19 in Cinema Exhibition
VRL doesn’t expect its business to generate positive returns during the ramp up phase to reopen.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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