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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>

Commerce Commission: News Publishers’ Association Seeks Authorisation To Engage In Collective Bargaining

News Publishers’ Association of New Zealand Incorporated seeks authorisation and provisional authorisation to engage in collective bargaining with Facebook and Google. The Commerce Commission has received applications from News Publishers’ Association of New Zealand Incorporated (NPA) seeking authorisation and provisional authorisation on behalf of itself... More>>

Reserve Bank: MPC Continues To Reduce Monetary Stimulus
The Monetary Policy Committee agreed to raise the Official Cash Rate (OCR) to 0.75 per cent. The Committee agreed it remains appropriate to continue reducing monetary stimulus so as to maintain price stability and support maximum sustainable employment... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>

REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>

BNZ: Auckland Retail Card Spending Bounces Back In Step Two
Bank of New Zealand (BNZ) card spending data released today shows one week of retail therapy at Alert Level 3 Step 2 has been enough to raise card spending in Auckland to levels greater than before the Delta lockdown... More>>