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Villa World shareholders OK plan to merge with Avid Property

Villa World Ltd. shareholders approved the company's plan to merge with Avid Property Group Australia Pty. Ltd. under a A$2.345-per-share scheme.

The scheme, which values Villa World at roughly A$293.5 million, is expected to take effect Oct. 30, subject to the approval of the Supreme Court of New South Wales during a hearing scheduled Oct. 15. Payment of the scheme consideration is also expected on the same date, according to a news release.

After securing the court's consent, the company will make an application Oct. 16 with the Australian Securities and Investments Commission to make the scheme legally effective, as well as with the Australian Stock Exchange to delist its shares, Villa World noted.

Avid Property and Villa World entered into a scheme implementation agreement in relation to the proposed merger in July.