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 LandlordFerrier 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."
Read More - Opens in a new window
Commenting is closed
It’s full steam ahead for the Stevenson Group’s $800 million, 361-hectare industrial and residential development in South Auckland – despite the uncertainties of the post-Covid-19 era.
The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.
Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.