NEW Zealand publicly listed newbie Vistron has made a $NZ35 million bid to takeover MFS New Zealand.
MFS NZ is owned by MFS Limited, which has a 40% stake along with a group of financial investors in both
Vistron which listed on the New Zealand Alternative Exchange on June 09, 2006 is seeking to grow the company by acquiring MFS NZ, which was established on June 20 last year.
So far MFS NZ has bought a number of financial services firms including Northplan Group, Swains Investment Services, Colin Strang Financial Planning, and Westplan Financial Services.
Following the transaction, a subsidiary of MFS Limited will hold approximately 38.5% of shares, and the balance of shares will be held by other minority shareholders in MFS NZ (approximately 57.5%), and existing Vistron shareholders (approximately 4%).
Upon completion of the transaction the current directors of Vistron will resign and be replaced by the directors of MFS NZ.
The company will also change its name to MFS NZ and will be transferred from the NZAX, and re-listed on the full board of the New Zealand Stock Exchange.
Australian Property Journal
