Published 1 February 2006
NZ Finance Holdings Ltd has raised its bid for Mike Pero Mortgages Ltd by 23c â€“ 28% – from 82c to $1.05 cash/share, unconditional.
NZ Finance (managing director John Callaghan, major investors the Huljich family) bought major shareholder George Gould’s 54% at 82c in November, but its takeover bid petered out with only 1% more added by the time the offer closed in December.
Independent advisor Crighton Anderson Corporate Finance Ltd (Tim Crighton & Greg Anderson, Christchurch) assessed Pero’s fair value at 96c-$1.09/share in a December report and concluded the 82c offer wasn’t fair.
NZ Finance has offered 4c cash/option.
Staples Rodway Corporate Finance Ltd has compiled a report attached to the offer. None of the offer information is on the NZ Finance website.
A committee of independent Pero directors Humphry Rolleston (as chairman) & Abigail Foote will oversee all aspects of Pero’s response to the offer and arrange for an independent advisor’s report.
29 January 2006: NZ Finance promises new Pero offer “in due course”
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 statements, story written by Bob Dey for this website.