Published 29 January 2006
New Zealand Finance Holdings Ltd said on Friday it intended to make a new offer for Mike Pero Mortgages Limited and would issue a takeover notice “in due course”.
NZ Finance Holdings (managing director John Callaghan, major investors the Huljich family, with Peter Huljich as a director) went unconditional in December after buying major shareholder George Gould’s 54% in November.
But independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) then assessed Pero’s fair value at 96c-$1.09/share and concluded the 82c offer wasn’t fair. The last sale was at $1.01.
12 January: NZ Finance bid for Pero closes with 55% stake
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
Attribution: Company statement, story written by Bob Dey for this website.