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

 

Grant Samuel values Methven shares at up to $1.60

Grant Samuel values Methven shares at up to $1.60, GWA's offer price


By Jenny Ruth

Feb. 11 (BusinessDesk) - The independent report on Australia-based GWA’s $118 million takeover offer for taps maker Methven says the offer is at the top of its valuation range.

GWA is offering $1.60 per share for Methven via a scheme of arrangement and has also agreed that the company can pay out up to 5 cents per share in dividends, taking the effective price to $1.65.

Grant Samuel has valued Methven shares at $1.41-1.60 and says that includes a premium for control.

Methven’s cornerstone investor, Brendan Lindsay, who owns 19.9 percent, has already given the offer his blessing and directors have committed another 2.1 percent and have unanimously recommended other shareholders accept the offer in the absence of a superior proposal.

To secure control, GWA needs the support of shareholders owning 75 percent of shares voted at a special meeting set for Tuesday, March 12. That is a lower barrier than the 90 percent threshold for a takeover offer under the Takeovers Code.

The shares recently traded at $1.58.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

New Reports: Flood Risk From Rain And Sea Under Climate Change

One report looks at what would happen when rivers are flooded by heavy rain and storms, while the other examines flooding exposure in coastal and harbour areas and how that might change with sea-level rise. More>>

ALSO:

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>