CORRECTED-UPDATE 1-Australia's Village Roadshow gets a higher bid from BGH Capital

(Reuters) – Takeover target Village Roadshow Ltd (VRL.AX) said on Friday that private equity firm BGH Capital has made an unsolicited offer of A$776.9 million ($531.32 million) for the Australian firm that backed films like ‘The Great Gatsby’ and ‘Joker’.

The offer of A$4 per share in cash was 10 cents higher than the share indicative offer that it received in December from another private equity Pacific Equity Partners (PEP).

PEP did not immediately respond to a request for comment on the rival offer.

The company, which also operates movie theaters, said an independent committee was reviewing both proposals and urged its shareholders to not take any action at this point.

While both the buyout offers are conditional, the company had in December said it was willing to allow PEP to conduct due diligence.

The Melbourne-based company had also said that its top shareholder had entered into a call option with an associate of PEP for about 19% of its shares.

Village Roadshow is being advised by UBS and Stratford Advisory Group.

(This story corrects difference between offers in second paragraph to 10 cents, not 1 cent)

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Arun Koyyur


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