Certain funds managed by Pacific Equity Partners offered to acquire 81% stake in Village Roadshow Limited (ASX:VRL) from Village Roadshow Corporation Pty Ltd. and others for AUD 620 million on December 19, 2019. Under the offer, Pacific Equity Partners will acquire the shares of Village Roadshow Limited at AUD 3.9 per share. Pacific Equity Partners has indicated it is willing to offer full cash consideration or a combination of cash and scrip (subject to caps and scale back provisions) in a newly incorporated acquisition entity. Pacific Equity Partners has entered into call option with Village Roadshow Corporation Pty. Ltd. over 19% (37.08 million) of Village Roadshow Limited’s issued shares. Village Roadshow Corporation Pty Ltd. holds 33.8% stake in Village Roadshow Limited. The offer is subject to a number of conditions, including completion of due diligence, arrangement of financing, Foreign Investment Review Board approval and recommendation by the Board of Village Roadshow Limited. As of December 19, 2019, the Board of Village Roadshow Limited advised the shareholders to take no action in respect to the offer. Certain funds managed by Pacific Equity Partners cancelled the acquisition of 81% stake in Village Roadshow Limited (ASX:VRL) from Village Roadshow Corporation Pty Ltd. and others on August 6, 2020. The Independent Committee of the VRL's Board of Directors unanimously recommends that in the absence of a superior proposal and subject to an Independent Expert concluding that the proposal by VRG Bidco Pty Limited is in the best interests of VRL shareholders.