Sydney Attractions falls to Village

Sydney Attractions Group, the owners of the Sydney Aquarium, have reluctantly conceded defeat after a key shareholder decided to accept Village Roadshow's $6.50 a share offer.

SAQ, advised by Grant Samuel, had fiercely resisted the Merrill Lynch-advised Village entreaties, arguing to the bitter end that the offer undervalued the company.

However, its fate was sealed when the Gill family, a shareholder with a crucial 2.5 per cent stake, decided to accept the offer and left Village with nearly 44 per cent and in a position to wield control.

It said SAQ shareholders were now probably better off selling into the offer as there was no guarantee of realising this value further down the track.

SAQ had previously argued that its shares were worth $8.59–$9.37 a share.