Blue Chip bids for Ingot

Property and financial services company Blue Chip has confirmed plans to buy Auckland retail property developer Ingot Holdings and the Tasman Group.

Shareholder approval is needed.

Blue Chip will pay up to $6.6 million for the Tasman companies, including a deposit of $1.34 million. The final price will depend on the companies' net profit over three years. Blue Chip will pay a deposit of $100,000 for Ingot and will also use a net profit formula to calculate the final purchase price, up to $20 million.