ARH extends Ports of Auckland offer again

Auckland Regional Holdings (ARH) is still making slow process in its bid to gain full control of Ports of Auckland (POAL) and has again extended its takeover offer.

The offer was due to close today, but ARH has extended it by two weeks to July 15 .

The other terms and conditions of the $8/share offer remain unchanged and ARH said it has no intention of upping this offer.

So far ARH, which is the investment arm of the Auckland Regional Council, has boosted its stake in POAL from 80 per cent to 86 per cent. It needs just 4 per cent more before it can compulsorily acquire the remaining shares in the company and gain full ownership.

On Monday POAL released updated valuations of both its investment property and port operations land and associated facilities, completed as part of its normal year-end process.

ARH said the investment property was valued at $182m, which falls within the range of $170m to $197.5m used by Grant Samuel in the Independent Adviser's Report.

ARH said if it does receive enough acceptance it will withdraw the offer.

Shares in POAL were unchanged in morning trade today at $7.92 having ranged between $6.45 and $8.02 over the past 12 months.

- NZPA