THE board of New Zealand's Tourism Holdings Limited has recommended MFS Living and Leisure Group's $247 million takeover bid.
MPY has made a $NZ2.80 cash offer for all of THL’s 98,180,723 ordinary shares totalling $NZ277 million ($A247 million).
THL’s board made the recommendation to shareholders, after independent adviser Ferrier Hodgson valued THL shares within a range of NZ$2.67 and NZ$3.07 per ordinary share.
Meanwhile, MFS Limited has received acceptances for 100% of the issued shares in Sunleisure Group and has declared its offer unconditional.
Australian Property Journal
