Avid Property Group Australia Pty. Ltd.'s takeover of Villa World Ltd. has become legally effective after the Supreme Court of New South Wales approved the scheme.

Villa World said it had submitted the court's orders approving the scheme of arrangement to the Australian Securities and Investments Commission, making the takeover legally effective. The implementation of the takeover is effective Oct. 30.

The company also noted that its shares will cease to trade on the Australian stock exchange after the close of trading on Oct. 16 in light of the development.

The special dividend component of the A$2.345-per-share cash consideration for the takeover will be paid Oct. 28 to Villa World shareholders on record as of Oct. 18, while the cash component will be paid Oct. 30 to shareholders on record as of Oct. 23.