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Why the Aveo share price rose 10%

The best performer in the ASX 200 today was the share price of Aveo Group (ASX: AOG), it climbed over 10%.

Aveo responded to recent media coverage relating to the retirement community business’ strategic review.

In August 2018 Aveo launched the strategic review with a particular focus on closing the value gap between Aveo’s listed securities and the underlying value of Aveo’s retirement properties.

Aveo announced it established an Independent Board Committee at the end of November 2018 to consider and respond to interested parties.

A couple of months ago Aveo announced it had received a number of indicative, non-binding bids to acquire the whole Aveo business. Due diligence by the parties is continuing and Aveo reminded investors there is no certainty an acceptable offer will eventuate.

The Aveo IBC chairman Walter McDonald said “The IBC’s focus continues to be to act in the best interest of all securityholders by progressing the process with a view to closing the value gap between Aveo’s listed securities and the underlying value of our market-leading retirement properties.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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