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MBO Offer For Eastern Equities Equities Extended

Eastern-Equities Mbo Offer For Eastern Equities Extended

Chairman of Eastern Equities, Peter Roebuck, today indicated the joint venture management buy out (MBO) would extend their offer to buy eastern Equities stock at 70 cents a share for a further three weeks.

The joint venture has extended the offer until 5pm Friday 10 September 1999.

The bid has the support of Eastern Equities independent directors who are recommending that shareholders accept the offer and have completed their own acceptance forms.

In June Mr Roebuck, and Eastern Equities chief executive Murray Boyte, formed a joint venture with AMP Asset Management to bid for the shares of the listed Hawkes Bay transport and horticultural company.

The bid of 70 cents represents a premium in excess of 50% of the weighted average share price in the period between the last annual profit figures and the announcement of the bid. Mr Roebuck has made clear that this bid will not be increased.

"At the end of Friday 20 August we were pleased to have acceptances for 78.28% of Eastern Equity shares," said Eastern Equity Chairman, Peter Roebuck.

A notice of extension was lodged with the New Zealand Stock Exchange today. Apart from the extended offer period, all other conditions of the bid remain identical.

ENDS

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