New Zealand won't stop companies from making "low ball" offers until it follows Australia in introducing a fit and proper test for people applying to get shareholder details, share registry bosses say.
Under the present law anyone can apply to find out the names and addresses of shareholders in publicly listed companies by making an application in writing.
The applicant does not have to state what they will use the information for.
Companies have to provide details under the Securities Act and can't refuse it even if they suspect the person who is applying will use the information to send offers to investors which are lower than the sharemarket value.
James Marshall, managing director of Computershare - a share registry company - said it had been lobbying the New Zealand Government to make changes to the application process since 2010.