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Village Roadshow says it has received a takeover bid from private equity firm Pacific Equity Partners worth as much as $1 billion.

“PEP has indicated it is willing to offer full cash consideration or a combination of cash and scrip,” Village Roadshow told the ASX in a statement, as part of a a scheme of arrangement at an indicative price of $3.90 per share.

The deal values the company at $761.2 million, not including debt.

The board of Village Roadshow, which runs Gold Coast theme parks Movie World and Seaworld, advised its shareholders to take no action and added that it was considering the proposal.

“VRL will inform shareholders of the outcome of the discussions with PEP as soon as it is in a position to do so,” the company said in a release.

The company’s shares had been placed in a trading halt at $3.20 ahead of the announcement.