Vector is warning investors of an Australian company's "unethical" low-ball offer for its shares at almost 30 per cent below today's market value.
Vector said that an Australian company, Washington Securities Pty Ltd, is offering Vector shareholders $2.00 per share, much lower than today's share price of $2.82.
Washington Securities' website says the company "specialises in the purchase of shares, debentures, investments in frozen funds and other investments". It has a listed P.O Box in the state of Victoria but no company address or contact number.
According to the Australian Securities and Investments Commission, the company was registered on February 19 this year. It has a registered office in Adelaide.
Although last year other Australian companies made a string of low-ball offers to Kiwis, it is believed to be the first time Washington Securities has targeted New Zealand shareholders.