Australia’s Village Roadshow has received a $516.55m (A$761.2m) bid from private equity firm Pacific Equity Partners (PEP).
Village Roadshow said it believed shareholder’s best interests would be served by conducting exploratory discussions with PEP.
Village Roadshow’s businesses span TV production including John & Dan Edwards-led Roadshow Rough Diamond (Les Norton, Romper Stomper) and Eurovision & Mardi Gras producers Blink TV, theme parks and cinemas, as well as distribution.
It also has a shareholding in movie producer, Village Roadshow Pictures, which has produced titles including The Matrix trilogy, the Ocean’s trilogy, Charlie And The Chocolate Factory, Happy Feet, Get Smart, I am Legend, Sherlock Holmes, The Great Gatsby and The Lego Movie. It also has a 31% interest in FilmNation Entertainment Inc., the US-based international film sales and production / distribution company.
Village Roadshow has been embroiled in disagreements between members of the founding family over how the business had been run after a share price slide hit the company’s value.