Calan appoints Ferrier as independent valuer

Takeover target Calan Healthcare has appointed independent valuer Ferrier Hodgson to advise on the deal.

ING Property Trust announced last month it would launch a $1.25 per share cash and scrip offer on February 22. The bid valued Calan at just over $172 million.

Market commentators said ING would struggle to gain traction with the offer, following lacklustre response to an on-market stand at the same price, which closed last week.

With the recent flurry of consolidation in the listed property sector, local brokers put a value range of $1.30 to $1.35 on the Calan units.

ING holds just over 14 per cent of Calan, including the 10.3 per cent already owned by its managed funds arm, ING (NZ) Ltd.

Calan units last traded yesterday at $1.28.

- NZPA