AMP nudges past 90% of Capital Properties

Published 27 February 2006

AMP Property Portfolio Investments Ltd scraped past the 90% threshold for compulsory acquisition of remaining shares in Capital Properties (NZ) Ltd on Sunday, the last day of its 6-month bid to take over the Government tenancy specialist.

“We’re very pleased with the outcome. We have had positive momentum of acceptances throughout the course of the offer, which gave us confidence that we would reach the 90% threshold required for compulsory acquisition,” AMP Property Portfolio general manager Stephen Costley said today.

“The result shows that most of the shareholders found the offer of $1.48 cash/share full & fair. We were also very clear that this was the last opportunity to accept and that we wouldn’t be making another offer within the next 12 months, which may have factored into the decision-making of some shareholders.”

The final number of acceptances will be known later this week, when all acceptances postmarked up to Sunday 26 February have been received.

AMP went from 89.43% on Friday to 90.63% in the last of 3 updates on Monday.

Earlier stories:

25 February 2006: AMP bid for full Capital Properties stake goes down to wire

19 February 2006: AMP fuels Capital speculation by announcing end to speculation

12 February 2006: AMP within 1.2% of Capital Properties compulsory acquisition

1 February 2006: AMP just short of 90% of Capital Properties

14 January 2006: AMP extends Capital bid to 31 January

11 January 2006: ING holds trump at Capital Properties

 5 January 2006: AMP cuts Capital dividend ratio

24 December 2005: AMP extends Capital bid to 13 January

26 November 2005: Outcome of Capital Properties review out in January

4 November 2005: Capital directors suggest $1.55 OK as takeover price, and AMP works at belittling them

28 October 2005: AMP has 36% of Capital as Kiwi accepts 6c higher offer

23 October 2005: AMP tells Capital what should have been in Deloitte report, extends offer another week


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Attribution: Company statement, story written by Bob Dey for this website.

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