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

 

Masthead Lifts Cash Offer for Abano to $5.00

News Release

Masthead Portfolios Lifts its Cash Offer
for Abano Healthcare to $5.00

8 November 2007 – Masthead Portfolios Ltd today advised that it has increased it partial takeover offer for Abano Healthcare Group Ltd to $5.00 a share.

The revised offer, which is being mailed to all shareholders today, is $1.15 a share higher than Masthead’s previous offer of $3.85 per share and represents a 47 per cent premium to the pre offer price.

Masthead’s Mark Stewart said that the $5.00 a share offer price was in the Independent Adviser’s valuation range. “We sincerely believe that the Abano Board will treat our offer appropriately and with careful and fair consideration. This is not a hostile offer and we believe that if we are successful that we will be able to work with the company to drive further value.”

Masthead’s revised offer of $5.00 a share compares to a closing price yesterday of $4.65. Whilst the Abano share price briefly spiked up on the release of the Target Company Statement, the price has been trading well below the recommended range. If this newly revised offer is unsuccessful, and in the absence of any other bidder, it is highly likely that the Abano share price will significantly drop.

Under its Takeover Notice, Masthead is seeking to acquire shares in Abano to increase its holding to 51 per cent. Masthead is the largest shareholder in Abano with a 19.9 per cent stake. The closing date for the offer is the 29th of November 2007.


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fuel Leak: Refinery Prepares To Repair Damaged Pipeline

Refining NZ has confirmed that it is to start repairs on a section of its multi-product fuel pipeline which was shut down following a jet fuel leak last Thursday. More>>uption.htm">More>>

ALSO:

StatsNZ: Economy Grows 0.8% In June Quarter

“Strong export and domestic demand underpinned growth this quarter,” national accounts senior manager Gary Dunnet said. “Demand for exports has resulted in strong production growth in manufacturing and service industries.” More>>

ALSO:

Expert Reaction: Cassini's Grand Saturn Finale

After a 20 year mission, NASA's spacecraft Cassini will meet its demise this week by plunging into Saturn's atmosphere and burning up. More>>

ALSO:

Jurisdiction: Court Rejects Cathay Unit's Retirement Age Of 55 For Pilots

The Supreme Court has backed two Auckland-based Cathay Pacific pilots who claimed local law meant they couldn't be forced to retire at 55. More>>

ALSO:

Supreme Court: AFFCO Loses Lockout Appeal

The essential question in the appeal was whether those who presented themselves for work at the beginning of the 2015/2016 season were at that time “employees” for the purposes of the lockout provision... This Court has unanimously dismissed the appeal. More>>

China FTA: NZ Govt Agrees On Negotiating Mandate For Upgrade

The New Zealand government has agreed a negotiating mandate for the upgrade of the free trade agreement with China, with a goal of $30 billion of two-way trade by 2020. More>>

ALSO: