Published 12 January 2006
NZ Finance Holdings Ltd’s takeover bid for Mike Pero Mortgages Ltd closed today with just 1% more added to its stake in the past month.
NZ Finance Holdings (managing director John Callaghan, major investors the Huljich family, with Peter Huljich as a director) went unconditional a month ago after buying major shareholder George Gould’s 54% in November.
But in December independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) assessed Pero’s fair value at 96c-$1.09/share and concluded the 82c offer wasn’t fair.
18 December 2005: Advisor says 82c Pero bid way too light
11 December 2005: Pero bid unconditional
26 November 2005: Pero takeover bid 85% geared
19 November 2005: NZ Finance Holdings gets 54% start towards Pero takeover