INDEPENDENT NEWS

Bendon Bid Backed By AMP Henderson

Published: Fri 21 Dec 2001 04:23 PM
Media Release
21 December 2001
Bendon Bid Backed By AMP Henderson
New Zealand’s largest funds manager, AMP Henderson Global Investors, today confirmed its support for Bendon Group managing director Hugo Venter in making a private capital offer of $38.5 million for the operating subsidiary called Bendon Limited.
The offer is only for the operating subsidiary and is not for the cash assets of the parent company that is listed on the NZSE. AMP Henderson is the largest shareholder of the Bendon Group, owning 26 %.
“We’re absolutely committed to supporting Mr Venter’s bid for $38.5 million,” said AMP Henderson managing director Catherine Savage.
“Following a thorough review of the options for Bendon, we concur with Mr Venter’s assessment that the operating company’s business is best suited to the private capital markets. We are now actively supporting Mr Venter’s bid and, upon completion of a successful due diligence, look forward to partnering with him and working with Bendon as a private company.”
Bendon’s Board have commissioned an independent report on the company to determine the acceptability of the offer. The report will be circulated to all shareholders who will be required to vote on the offer. Any offer such as this must be approved by 75% of shareholders. As an interested party AMP Henderson will be excluded from voting on Mr Venter’s bid.
“I am delighted to have AMP Henderson as a bid partner,” said Bendon Group managing director, Hugo Venter.
“I believe AMP Henderson’s highly credible and established presence in New Zealand, together with their proven ability to deal responsibly in private capital is a real asset to our bid,” he said.
AMP Henderson is New Zealand’s largest private capital investment manager, having committed over $250 million to this asset class in recent years. Pencarrow Private Equity specialises in buyout transactions and entered into a joint venture agreement with AMP Henderson Private Capital in 1998. This will be the third listed New Zealand buyout AMP Henderson and Pencarrow Private Equity have worked on.
Ends

Next in Business, Science, and Tech

Record Dry Spells And Effects On Forests – Expert Reaction
By: Science Media Centre
Official Cash Rate Remains At 1.0 Percent
By: The Reserve Bank of New Zealand
Climate Change Throws Tree Seeding Out Of Sync – New Study
By: University of Canterbury
Novel coronavirus detected in China –Expert Reaction
By: Science Media Centre
Flooding could release toxic gas – Expert Reaction
By: Science Media Centre
More Rain For The South While Dry Continues In The North
By: MetService
Another dry week ahead, with temperatures rising
By: MetService
Auckland Set To Break Dry Spell Record
By: NIWA
Rolleston Fire
By: Fire and Emergency NZ
Farmers Fear New Water Rules Could Push Them Under
By: RNZ
The OCR Should Be Cut
By: Michael Reddell
MPS, OCR and FSR dates for 2021
By: Reserve Bank
Reserve Bank Of New Zealand Keeps Official Cash Rate At 1 Percent
By: RNZ
XE Morning Update
By: XE Morning Update
Economic Growth Slowing Under Coalition Government
By: New Zealand National Party
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media