Ports of Auckland offer goes unconditional

Auckland Regional Holdings (ARH) today declared its takeover offer for Ports of Auckland unconditional.

ARH, the investment arm of the Auckland Regional Council, has received acceptances from over 2400 shareholders totalling 7 million shares, giving it an interest of almost 87 per cent -- just shy of the 90 per cent compulsory takeover level.

"ARH is confident that it will achieve 100 per cent ownership of Ports of Auckland," the company said.

The offer, for $8 per share, is set to close on July 15.

Shares in Ports of Auckland -- the country's biggest port -- closed yesterday at $7.88 against a year high of $8.02 and a low of $6.45.

- NZPA