Australian funds manager Centuria Group took its stake in NZX-listed funds manager Augusta Capital Ltd to 84.8% on Monday, leaving it just 5.2% short of being able to move to compulsory acquisition.
Acceptances of Centuria’s offer increased from 77.3% last Thursday.
Centuria’s original takeover bid was at $2/share, before the Covid-19 pandemic intervened with ‘life as usual’.
Its replacement offer was NZ20c cash plus 0.392 of a Centuria stapled security – equating initially to an implied $1/share. In early July, Centuria lifted the cash component to NZ22c.
Attribution: Augusta release.