Published 23 December 2011
Pyne Gould Corp Ltd director George Kerr heads into Christmas just short of 50% acceptance for his takeover bid for the Christchurch-based listed company.
Mr Kerr is the director of Australasian Equity Partners (GP) No 1 Ltd, general partner of the bid vehicle, Australasian Equity Partners Fund No 1 LP, which had acceptances for 47.13% of Pyne Gould’s shares.
The fund has extended the closing date of the offer again, this time by 25 days, from 6 January to 31 January. AEP originally offered 33c/share, increased it to 37c on 17 November then extended the offer closing date twice.
Grant Samuel assessed the value of Pyne Gould to be within a range of 49-57c/share, putting the original offer at a 33-42% discount.
Grant Samuel added: “The valuation represents the estimated full underlying value of Pyne Gould, assuming 100% of the company was available to be acquired, and includes a premium for control.
“The value exceeds the price at which, based on current market conditions, Grant Samuel would expect Pyne Gould shares to trade on the NZSX in the absence of a takeover offer or proposal similar in nature to the AEP offer.”
The last trade on market was at 34c.
1 December 2011: Kerr sees Europe crisis opportunities for post-takeover Pyne Gould
25 November 2011: Kerr extends Pyne Gould offer period
22 November 2011: Extra 4c changes everything at Pyne Gould
18 November 2011: Kerr lifts PGC offer as appraisal of original bid released
Want to comment? Go to the forum.
Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.