SEA Holdings ups bid for remaining TTP shares

Hong Kong-based SEA Holdings has lifted its offer for all the shares it does not already own in Trans Tasman Properties (TTP).

Last month SEA, which owns slightly more than half the shares in TTP, offered to buy the remaining shares for 51c each.

Today it raised its offer to 55c a share, valuing the company at $85.3 million.

TTP's independent directors said SEA lifted its offer after a draft report by independent adviser Ferrier Hodgson assessed the value of Trans Tasman's shares to be in the 51c to 59c range.

TTP's target company statement would be sent to shareholders by July 24, and would include a recommendation from the independent directors that shareholders accept the revised 55c SEA offer.

In the meantime the independent directors recommended shareholders wait until they had considered the target company statement and the full Ferrier Hodgson report before taking any action, the TTP independent directors said.

A trading halt placed on TTP's shares this morning was lifted after the announcement of the higher offer.

Shares in TTP opened today at 53c, having been down to 41c in March.

- NZPA