Masfen: the best man won the battle

By DITA DE BONI

For the first time since the battle for Montana turned nasty, company chairman Peter Masfen was yesterday keen to speak to the media.

"I'm very sad that Montana will no longer be listed," he said.

"The markets clearly need companies like Montana, who have committed shareholders, who have been in the business for the long term ... [Delisting] is something I never wished would have happened."

But he said it was "great that the issue has been resolved".

"The long-winded takeover taxed the patience of directors and the staff at Montana. This now enables them to progress with their successful business."

Asked if the "best man" had won, he agreed, saying that Allied's tactics had been more upfront and honest - "less market shilly-shallying" - and that Allied's distribution systems in overseas markets would offer growth opportunities for Montana.

"I think it's better that Allied strengths are outside Australasia, because it means they are more likely to leave Montana as an autonomous company with its own strong culture and strong management style."

He said Montana had its own strong distribution system Down Under.

Asked if Montana was overpriced at $4.80, Mr Masfen said that the directors were recommending that shareholders accept the Allied offer as it was a "full price".

He said analysts tended to short-sell New Zealand companies and that they had an "obsession" with channelling funds overseas.

He would like to remain chairman of Montana, if Allied agreed.

"I bring experience, history and stability to the company."

He said several lessons had been learned during the takeovers stoush, and he would like to see rules for stockmarket dealings tightened.

Mr Masfen believed that the original stockmarket waiver which had triggered Lion Nathan's premature buying of shares in early February should never have been allowed to happen.