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

 


Offer For CHH Does Not Comply With Takeovers Code

15 February 2006

Rank’s Proposed Offer For Chh Does Not Comply With Takeovers Code

Rank Group Investments Limited’s proposed takeover offer for Carter Holt Harvey Limited does not comply with the Code, the Takeovers Panel has determined.

Rank’s notice of intention to make a takeover offer dated 3 February 2006 stated the offer price as $2.75 in cash. This was made up of a base consideration of $2.70 plus an additional payment of $0.05 per share.

The notice stated that the offer price of $2.75 per share would be paid only if Rank received sufficient acceptances to become the holder or controller of more than 90% of CHH by the close of the seventh business day after the date of the offer. If Rank became the holder or controller of more than 90% of CHH after that seven day period the offer price would be $2.70 per share.

Rule 24 of the Code requires an offer to specify the period that it will be open which must be a minimum of 30 days.

Ranks’ proposed offer stated that it would be open for a period of 30 days. However, the Panel considers that the limiting terms of the proposed offer, in respect of the full offer price of $2.75, have the effect of shortening the offer period for the full price from 30 days to seven business days.

Accordingly, the Panel determined at its meeting yesterday that Rank’s proposed offer does not comply with rule 24 of the Code.

The Panel has accepted an enforceable undertaking from Rank to remedy the defect in the proposed offer.


To remedy the defect Rank has undertaken that it will only make a takeover offer on the basis of its current takeover notice if:

- the offer price is $2.75 per share; and
- the offer at $2.75 per share is open for a minimum period of thirty days.

Such an offer will not contain any conditions requiring early acceptance.

The enforceable undertaking is made under section 31T of the Takeovers Act 1993.
The full text of the Panel's determination is available on the Panel's website at www.takeovers.govt.nz

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news