Eftpos merger cleared

The Commerce Commission has cleared the proposed merger between eftpos companies Cadmus Technology and Provenco, the companies say.

Rick Christie, chairman of the proposed board, said the companies were finalising shareholder documentation, including an independent expert report from Grant Samuel, on the merger.

Documents would be sent to shareholders of both companies next month.

Commission chairwoman Paula Rebstock said the commission was satisfied the proposed acquisition would not substantially lessen competition. Provenco closed down 1c at 49c and Cadmus was unchanged on 11c.