23 May 2016
The Hutsons accept Abano’s audiology offer

Today, Peter and Anya Hutson confirmed that they have accepted Abano’s offer for its 50% holding in Bay Audio International, a growing audiology retail network operating in Australia and with a smaller footprint in South East Asia.

“We established this business in partnership with Abano and have worked hard since 2009 to establish a viable international business,” said Peter Hutson.

“On 27 April 2016 Abano Healthcare Group Limited (NZSX:ABA) gave formal notice that it had received an unsolicited non-binding indicative proposal for all of its shares in Bay International Limited from an undisclosed party.

“Following that, Abano offered us its 50% holding under the pre-emptive rights provisions of the shareholders agreement that gives each party a first and last right of refusal. Abano set a price of $32 million for its half of the business which we have accepted. This approach delivers certainty to Abano.

“We work closely with Bay senior management and Anya and I would like to take this opportunity to acknowledge their contribution. We look forward to building the business with them into the future,” concluded Hutson.

ENDS