Crane denies playing race card over Fletcher bid

Peter Crane. Photo / Supplied

Peter Crane, the Australian trying to stop Fletcher Building's $1 billion takeover of the firm his family founded, says he is not playing the race card.

Crane decried Fletcher's A$797 million Crane Group takeover offer, but says he does not object to Kiwis being predators.

"I like New Zealand and its people. Who better to have in the trenches alongside you if not a New Zealander? My opposition is in the belief that it is not in the best interest of either companies," he said, after posting a YouTube video and on his website, petercrane.com.au, outlining his objections to the deal, due to close on February 25.

Fletcher owns 14.9 per cent of Crane but its deal is conditional on it getting 90 per cent ownership.

Philip King, Fletcher's investor relations manager, said Crane's criticisms were not backed up by professional institutional investors or Crane's board.

Peter Crane wants an investor meeting to discuss the deal and says that under Australian company law, shareholders can demand this if they hold more than 5 per cent of the issued capital or are more than 100 individual shareholders. He controls between 1 and 2 per cent of the issued capital.

"New information about Cranes in the form of the target statement and the independent expert report showed that Cranes has strong upside potential that would drive its cash flow and dividends in the future," he said.

"Fletchers has not released a vision either in the form of its business plans or an independent expert report. It follows that the market has fully accounted for the potential growth in Fletchers in its current price. Any additional growth would then be as a result of the inclusion of Cranes diluted by the additional shares issued to absorb Crane shareholders."