INDEPENDENT NEWS

Increase in Offer Price by AMP Property

Published: Fri 28 Oct 2005 03:08 PM
Capital Properties New Zealand Limited
Level 11, The Bayleys Building
Cnr Brandon Street & Lambton Quay
PO Box 1690, Wellington
New Zealand
28 October 2005
Increase in Offer Price by AMP Property Portfolio Investments Limited
Earlier today AMP Property Portfolio Investments Limited ("AMP Property Portfolio") announced that was increasing the consideration under its full takeover offer for Capital Properties New Zealand Limited ("Capital Properties") from NZ$1.42 to NZ$1.48 per share.
Tony Frankham, the chairman of the independent directors' committee of Capital Properties, noted that the increased price was at the very bottom of the fair value range determined by Deloitte, the independent adviser appointed by the committee to report on the merits of the offer. "Deloitte expressed the opinion that the fair value range for Capital Properties shares was $1.48 to $1.73 per share, with a mid point of $1.60", Mr Frankham said.
Mr Frankham said that the independent directors' committee would consider the revised offer and provide a further recommendation to shareholders. "In the meantime, it is not recommended that shareholders take any action in relation to this revised offer", he said.
ENDS

Next in Business, Science, and Tech

Commission welcomes dismissal of NZME/Fairfax merger appeal
By: Commerce Commission
New Chief Technology Officer role created
By: New Zealand Government
NZ house sales slump in December but prices still firm
By: BusinessDesk
Beef + Lamb New Zealand launches drought resources
By: NZ Beef and Lamb
Net Neutrality Failure in US Will Hurt All Internet Users
By: Internet NZ
Technology transforms consumer spending
By: Statistics New Zealand
Results Judgment: NZME merger appeal dismissed
By: New Zealand High Court
NZME, Fairfax reviewing rejected merger appeal
By: BusinessDesk
High Court rejects NZME/Fairfax NZ appeal
By: BusinessDesk
Wellington rentals in hot demand as rental shortage bites
By: Trade Me Property
Strong end to 2017, with house prices up 5.8% in December
By: REINZ
Regions still strong, says real estate boss
By: Century 21 Real Estate
Minister silent while farmers wilt
By: New Zealand National Party
Westpac NZ Offers Relief to Farmers Affected by Drought
By: Westpac
Fronts and fine weather in the mix
By: MetService
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media