Vector to mount full takeover offer for NGC

Power company Vector said today it is mounting a full takeover offer for gas distribution and metering company NGC Holdings Ltd.

The Auckland-based energy network company bought 66 per cent of NGC last year and plans to list on the stock exchange after an initial public offering (IPO).

Last year, valuers Grant Samuel said the underlying value of NGC shares was in the range of $2.50 to $2.76.

Trading in NGC shares was halted ahead of the receipt of the offer. They last traded at $2.50 on Friday.

- NZPA