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

 

EME Offer For Contact Lapses

4 February 2002

Edison Mission Energy (EME) announced today that its offer for the minority interest in Contact Energy has not achieved the 90% threshold of acceptances required and that its offer had therefore lapsed.

“We have notified the Takeovers Panel, the New Zealand Stock Exchange and the independent directors of Contact Energy and make this announcement so that those shareholders who have sent in their acceptance forms know their shares have this morning been released for trading,” EME Asia Pacific senior vice president Bob Driscoll said.

“The lapsing of the offer means no shares will be purchased by EME pursuant to the offer,” he said. For EME to purchase any shares under the offer the 90% threshold had to be reached and all other conditions satisfied or waived.

“We regret we are not able to purchase the shares of those shareholders who had wanted to accept our offer,” Mr Driscoll said.

All shares that had been offered to EME had been released for trading by the share registry before the stock exchange opened this morning. Shareholders do not need to wait for the return of their acceptance forms to trade in their shares if that is what they wish to do.

Mr Driscoll emphasised that the lapsing of the offer did not affect Edison Mission Energy’s commitment to Contact Energy or New Zealand.

“We are Contact’s majority shareholder and plan to remain so. We are confident Contact will continue to perform well. We are committed to being a long term player in the New Zealand energy sector.”

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>

ALSO:

Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>

ALSO:

Research: Climate Change Throws Tree Seeding Out Of Sync – New Study

Climate change is negatively affecting tree reproduction by throwing seed production systems out of synchronisation, according to a new international study co-authored by a University of Canterbury scientist. Many tree species worldwide produce large ... More>>

ALSO:


Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>

ALSO:

Science Media Centre: Flooding could release toxic gas – Expert Reaction

A chemical substance known as ouvea premix stored at an old paper mill in Mataura could release toxic ammonia gas if it comes in contact with water.More>>

ALSO: