The Takeovers Panel has rejected a complaint that a target company statement issued by Trans Tasman Properties (TTP) in response to a takeover offer by SEA Holdings NZ did not comply with the Takeovers Code.
The panel met today to discuss the complaint laid by TTP shareholder Latimer Holdings Ltd.
Latimer had complained that TTP did not meet disclosure requirements under clause 20 of Schedule 2 of the Code, by not releasing copies of the independent valuations of its commercial properties on request.
Representatives of TTP, Latimer Holdings Ltd, and SEA Holdings Ltd attended the meeting.
The panel released its decision to reject the complaint immediately, because the takeover offer from SEA closes today. Its full determination along with its reasons for the decision, will be released at a later date.
SEA already holds a 59.97 per cent stake in TTP and wants to gain 100 per cent of the firm.
An independent report by Ferrier Hodgson said SEA's 40 cents per share takeover offer was not fair or reasonable, giving instead a valuation range of 50 cps to 57 cps.
TTP shares were trading down 1 cent at 39 cents this afternoon, having traded between 27 cents and 50 cents over the past 12 months.
- NZPA
Panel rejects complaint in SEA/TTP takeover
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