Offer for TTP 'too low'

Sunday 2 May 2004

A report into the proposed takeover of Trans Tasman Properties puts a much higher value on the company's shares than the buyout offer.

By The Landlord

Ferrier Hodgson's independent report on SEA Holdings NZ's takeover offer for the listed property company concludes that the offer is not fair or reasonable.

The report gives a valuation range for Trans Tasman of 50 cps to 57 cps with a mid-point valuation of 53 cps.

SEA already has 59.97 per cent of TTP and is offering 40c a share to acquire the rest of the company.

"We recommend that Trans Tasman shareholders do not accept SEANZ's offer," independent directors John Ferner and Carl Peterson said. "This recommendation is in line with the conclusions of the ... independent appraisal report which concluded that the offer was neither fair nor reasonable."


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