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


Takeovers Panel Rejects Latimer Holdings complaint

News Release

20 May 2004

Takeovers Panel Rejects Latimer Holdings Limited’s complaint concerning Trans Tasman Properties Limited

The Takeovers Panel met on Thursday 20 May 2004 to consider a complaint from Latimer Holdings Limited that the target company statement issued by Trans Tasman Properties Limited on 30 April 2004 in response to a takeover offer from SEA Holdings New Zealand Limited does not comply with the Takeovers Code in respect to the disclosure requirements under clause 20 of Schedule 2 of the Code. That clause is concerned with disclosure of asset valuations in certain circumstances.

Representatives of Trans Tasman Properties Limited, Latimer Holdings Limited, and SEA Holdings Limited, a majority shareholder of Trans Tasman Properties Limited attended the meeting.

The Panel determined that it was satisfied that Trans Tasman Properties Limited’s target company statement complied with the requirement of clause 20 of Schedule 2 of the Code.

The Panel noted that the takeover offer from SEA Holdings New Zealand Limited closes on 20 May 2004. As a result it decided to announce its decision on the matter immediately. The Panel’s full determination, conveying its reasons for the decision, will be released as soon as possible.

* * * * *

© Scoop Media

Business Headlines | Sci-Tech Headlines


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>>


Half A Billion Accounts: 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>>

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>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news