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Aveo Group, Brookfield set indicative price for potential buyout

Aveo Group said it and Brookfield Property Group LLC are negotiating an indicative offer price of A$2.195 per security in relation to the latter's offer to acquire the Australia-listed retirement communities operator.

If pursued at the indicative offer price, the proposal will value Avea Group at about A$1.27 billion, based on the company's 578,337,484 outstanding securities as of Dec. 31, 2018, according to S&P Global Market Intelligence data.

Aveo Group noted that it is continuing to engage with Brookfield in order to resolve several matters to give effect to the nonbinding and conditional indicative proposal and enter into a definitive agreement.

Merrill Lynch Markets (Australia) Pty. Ltd. is acting as Aveo Group's financial adviser, while Herbert Smith Freehills is acting as the property company's legal adviser in relation to the indicative takeover offer.