Report warns TTP shareholders of SEA Holdings bid

Thursday 29 April 2004

Minority shareholders in Trans Tasman Properties have been warned against accepting a takeover deal which has been deemed unfair and unreasonable.

By The Landlord

Trans Tasman's independent directors, John Ferner and Carl Peterson, yesterday told the NZX of the independent report's conclusion on SEA Holdings NZ's full takeover bid for TTP.

The directors cited a part of Ferrier Hodgson's report: "On the basis of our valuation range of 50 cps to 57 cps and our discussion on the merits of the offer, we conclude that the offer by SEA NZ for all of the voting securities of Trans Tasman that it does not hold or control for 40 cents per share is neither fair nor reasonable".

Ferner and Peterson said shareholders should not accept the offer.

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