By DITA DE BONI
Waste Management (US) has set a price range of $3.30-$3.80 a share for the sale of its 60.5 per cent shareholding in Waste Management New Zealand.
The shares will be offered to the public when it bows out of the local business this month.
The United States parent company yesterday registered an investment statement showing an indicative range for the 58.9 million shares.
Warburg Dillon Read will manage the issue, assisted by J.B. Were, Credit Suisse First Boston and Forsyth Barr.
In the statement to the Companies Office, Waste Management said the price range had been set to help institutional investors bidding in the book-building process.
"The final price may be set above or below the indicative price range. However, if the final price is set above $3.80, public investors will only pay $3.80," the document said.
Last month, the group financial controller of the New Zealand operation, Grant Tietjens, said Waste Management NZ welcomed the exit of the US parent.
Institutional investors buying in would have no impact on performance and would free up the company to pursue opportunities offshore.
Waste Management NZ shares closed up 15c at 350c yesterday.
US parent indicates offer sum
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