KEY POINTS:
The would-be suitor of Tourism Holdings Ltd says it will not buy THL's leisure assets separately if its total takeover fails.
Dual-listed MFS Living and Leisure Group (MPY) reiterated today it would not waive the 90 per cent acceptance condition on its $277 million offer and that it was final.
The offer closes on July 21.
Tourism Holding shareholders have been slow to take up the offer, with MFS netting 16.66 per cent of the company so far.
MPY chief executive Marshall Vann stressed his company wanted THL in its entirety.
"Making a separate offer for any part of the THL business -- either the leisure attractions assets or the leisure hire assets -- is not part of MPY's strategy in New Zealand."
The Tourism Leisure Group assets include Fullers Bay of Islands, Kelly Tarlton's Antarctic Encounter and Underwater World, the Waitomo glow worm caves, Milford Sound Red Boats and Johnston's Coachlines.
MPY stressed again that it would not extend the offer date or up the price.
"We want THL shareholders to understand that there are two clear options being presented -- a takeover at a highly attractive price of $2.80 or continuing on with THL, however it may be structured."
THL shares were down 6c to $2.58 in early afternoon trading.
MPY's offer received an early boost when businessman Sir Selwyn Cushing sold his family's 10.02 per cent shareholding , but US investment fund Sterling Grace Capital Management and AXA have blocking stakes, with 16.96 per cent and 12.2 per cent respectively.
MFS Living and Leisure Group listed on the New Zealand stock exchange on June 22.
- NZPA
