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.

Read More - Opens in a new window
Commenting is closed

Property News

Return to market form

There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Mortgages

LVR limits slow down investors

LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.

Site by PHP Developer