March 14 (Reuters) - Australian property developer Villa World Ltd (VLW) said on Thursday it received a A$279.1 million ($197.02 million) conditional takeover offer from AVID Property Group Australia Pty Ltd.
AVID's offer of A$2.23 per share represents a premium of 12.1 percent to Villa World's last close.
Villa World said in a statement that its board had started studying the proposal. ($1 = 1.4166 Australian dollars)
