Todd takes Capital bid

Todd family interests holding 24.8 per cent of Shortland Properties have opted to accept Capital Properties' takeover bid for the company.

Todd Corporation's chairman, John Todd, said yesterday that the family interests decided to accept, in the absence of a better offer.

Capital came in behind Kiwi Income Property Trust, which gave notice of a 71c-a-share offer at the end of July. Capital raised its offer to 76c in cash and notes and Kiwi did not pursue its bid, instead building up a 10 per cent stake in Shortland through on-market trades.

Shortland shareholders have until November 5 to accept the offer, which also needs approval by Capital instalment receipt holders.

The Capital investors must file their votes with the trustee by next Tuesday for them to be counted at a meeting tomorrow week. That meeting is also required to authorise the raising of up to $100 million more bank debt and up to $125 million in capital notes to finance the deal.