ING part of port-bid blockade

Fund manager ING has confirmed it is among three significant Ports of Auckland shareholders thought to be standing between Auckland Regional Holdings' (ARH) and its full ownership of New Zealand's biggest port.

Analysts believe the other two are ACC, which has 1.27 per cent of the company, according to the last annual report, and Auckland businessman Peter Masfen, with 0.38 per cent.

An ING spokesperson said the fund manager had a shareholding, but it was "not a disclosable stake".

"At this point we have not sold."

ARH on Friday extended for the third time its offer for the 20 per cent of the port company it does not already own. It said its 80 per cent stake had risen to 86 per cent after acceptances. It said it had no intention of raising the $8 a share offer, which now closes on July 15. The offer price and other conditions remain unchanged. The shares closed down 2c at $7.90.

ARH, the investment arm of the Auckland Regional Council, needs 4 per cent more before it can compulsorily acquire the remaining shares in the company.

An analyst said the market anticipated at least one more extension.

He attributed the slow progress of the offer, which was announced on April 1, to the independent directors' claim that the synergy benefits available to ARH were not reflected in the price, and their lack of endorsement of the offer price.

The directors declined to make a recommendation to shareholders, saying the offer may be fair according to the independent valuer Grant Samuel, but may not be reasonable.

ARH said in a letter to shareholders on Friday that if it did not get enough acceptances it would withdraw the offer.

Ports of Auckland company secretary Jim Harknett said there were 6000 shareholders still on the company's share register. ARH said on Friday that it had acceptances from 2200 shareholders.

Until ARH declared its offer unconditional the register would remain unchanged, Harknett said.

Among the 6000 shareholders were some mutual funds. ARH would have canvassed other shareholders who would have indicated they would not accept until the last minute, so he said the question was how many shares ARH had in its "back pocket".