Prominent buyout firm BGH Capital is on the brink succeeding with a revised takeover bid for embattled theme parks and cinema operator Village Roadshow despite an ongoing revolt by major independent shareholder, New York-based Mittleman Brothers.
BGH, which is led by high profile dealmakers Ben Gray and Robin Bishop, has hit several snags along the way in its attempt to buy the owner of the Wet n’ Wild and Seaworld theme parks and other film distribution assets because the company’s two biggest independent shareholders Mittleman Brothers and Spheria Asset Management were unhappy with the initial offer on the table. But BGH’s final offer, worth up to $3 per share, is now expected to succeed and put an end to the year-long rollercoaster ride after proxy votes submitted over the weekend showed signs of shareholder approval.
The attempted takeover of Seaworld owner Village is looking highly likely despite a revolt from the company’s biggest independent shareholder.Credit:Glenn Hunt
Sources briefed on the votes submitted over the weekend who spoke on the condition of anonymity said the Board is expecting scheme A – which values the company’s shares at $3 – could be approved based on the number of votes already in favour of the deal.
The sources said dissident shareholder Mittleman, which owns more than 15 per cent of the company, has used some of its shares to vote against the $3 per share offer but is expected to decide on what to do with its remaining shares at the scheme meeting on Monday.
