WITH the deadline fast approaching, MFS Living and Leisure Group has received only 22.72% acceptances from Tourism Holdings Limited shareholders.
Whilst the independent directors of THL have described the offer as the ‘most value-creating option available to shareholders’ and have unanimously recommended that shareholders accept MPY NZ’s offer of $NZ2.80 cash per share – so far about 28% of shareholders (representing 1,500 shareholders have already accepted the offer.
MPY’s bid is now at a critical stage as the deadline for the offer is schedule for July 21.
MPY’s takeover of THL is conditional on receiving acceptances that would take MPY to holding 90% of THL shares.
MPY’s chief executive Marshall Vann has urged shareholders to accept the offer by July 21, adding that its initial offer price for all THL shares will stand at $NZ2.80 cash per share and there will be no higher price offered for the shares.
THL have declared a six cent per share final fully imputed dividend to be paid to THL shareholders.
Vann reiterated that MPY will not separately buy Tourism Holdings assets including THL’s Tourism Leisure Group in the event its takeover offer for THL is unsuccessful.
“The offer is final. That means we will not extend the price and we will not extend the date. We will not waive our condition requiring a 90% shareholding and, if the offer is unsuccessful, we will not seek to buy any part of Tourism Holdings separately,” he concluded.
Australian Property Journal
