AVID Property Group Australia Pty Ltd made unsolicited proposal to acquire Villa World Limited (ASX:VLW) from Accordion Investments Pty Ltd and others for approximately AUD 280 million on March 8, 2019. AVID will pay an indicative price of AUD 2.23 per share, which is subject to adjustment for the first half of 2019 dividend of AUD 0.08 per ordinary share. As on May 2, 2019, AVID increased the offer price to AUD 2.345. Under the terms of the revised proposal, the consideration will be reduced by the amount of any dividends or distributions paid by Villa World after the date of the revised proposal, but will not be reduced by the first half of 2019 dividend of AUD 0.08 per share paid on April 2, 2019. AVID Property Group Australia Pty Ltd entered into binding scheme implementation agreement to acquire Villa World Limited on July 8, 2019. As of October 11, 2019, the cash payment of AUD 2.345 includes special dividend of AUD 0.31 for each Villa World share that they held on the Special Dividend Record Date and scheme consideration of AUD 2.035 cash for each Villa World share they held on the Scheme Record Date. AVID Property Group Australia Pty Ltd will also acquire 1.96 million performance rights of Villa World Limited. The payment of the scheme consideration is expected to be made on the scheme implementation date and special dividend is expected to be paid on October 28, 2019. AVID has stated that it expects to be able to fund the acquisition of 100% of Villa World from internal resources, equity contributions from AVID's shareholders and debt facilities. Completion of the transaction is subject to a number of conditions, including satisfactory completion of due diligence, negotiation and execution of a scheme implementation agreement, receipt of approval from the AVID board of directors prior to execution of a scheme implementation agreement, the unanimous recommendation of the Villa World board of Directors, receipt of FIRB approval and all other necessary regulatory approvals, receipt of approval by Villa World shareholders by the requisite majorities, and by the Court, no prescribed occurrences and no material adverse changes, customary deal protection mechanisms (including a break fee, no shop, no talk, notification rights and a matching right). The Board has granted AVID access to due diligence, exclusively on customary terms, for a limited period. The Directors of Villa intend to unanimously recommend that shareholders to vote in favor of revised proposal. The Board of Directors of Villa World unanimously recommend that Villa World shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to an independent expert concluding and continuing to conclude that the Scheme is in the best interests of Villa World shareholders. On September 6, 2019, Supreme Court of New South Wales approved convening a scheme meeting of Villa shareholders to approve the transaction. Transaction was approved by FIRB as of October 2, 2019. As of October 11, 2019, transaction was approved by shareholders of Villa World. On October 15, 2019, Supreme Court of New South Wales approved the transaction. As of October 16, 2019, the transaction is legally effective. The revised proposal is expected to expire around middle of June 2019. The scheme is expected to be implemented in late October/early November 2019. As of October 11, 2019 scheme is expected to be implemented on October 30, 2019. Goldman Sachs Australia Pty acted as financial advisor and Ltd Clayton Utz acted as legal advisors to AVID. Macquarie Group Limited (ASX:MQG) acted as the financial adviser, Julian Donnan, Stuart McCulloch, Chelsey Drake, Keegan Lopez, Andrew Mon, Kim Reid, Sevanne McGarity, Karla Fraser, James Darcy and Joseph Power of Allens acted as the legal advisor and Grant Thornton Corporate Finance acted as the independent expert to Villa. AVID Property Group Australia Pty Ltd completed the acquisition of Villa World Limited (ASX:VLW) from Accordion Investments Pty Ltd and others on October 30, 2019. Mark Jewell, Craig Treasure, David Rennick and Lisa MacCallum have resigned as Directors of Villa World Limited as part of the transaction. On October 31, 2019, Villa World Limited was delisted from stock exchange.