Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


EME Offer For Contact Lapses

4 February 2002

Edison Mission Energy (EME) announced today that its offer for the minority interest in Contact Energy has not achieved the 90% threshold of acceptances required and that its offer had therefore lapsed.

“We have notified the Takeovers Panel, the New Zealand Stock Exchange and the independent directors of Contact Energy and make this announcement so that those shareholders who have sent in their acceptance forms know their shares have this morning been released for trading,” EME Asia Pacific senior vice president Bob Driscoll said.

“The lapsing of the offer means no shares will be purchased by EME pursuant to the offer,” he said. For EME to purchase any shares under the offer the 90% threshold had to be reached and all other conditions satisfied or waived.

“We regret we are not able to purchase the shares of those shareholders who had wanted to accept our offer,” Mr Driscoll said.

All shares that had been offered to EME had been released for trading by the share registry before the stock exchange opened this morning. Shareholders do not need to wait for the return of their acceptance forms to trade in their shares if that is what they wish to do.

Mr Driscoll emphasised that the lapsing of the offer did not affect Edison Mission Energy’s commitment to Contact Energy or New Zealand.

“We are Contact’s majority shareholder and plan to remain so. We are confident Contact will continue to perform well. We are committed to being a long term player in the New Zealand energy sector.”

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news