By Joe Helm
AMP and National Mutual will each receive $2.50 a share for the remaining 7.7 per cent of cement company Milburn New Zealand they hold.
Minority shareholders who accepted a takeover offer from majority shareholder Holderbank will get $2.10 a share.
The two institutions had objected to that price and called
for the appointment of an independent expert to determine the price of the outstanding shares.
Northington Partners of Auckland has determined the price to be $2.50.
This applies only to the outstanding shares and is binding.
An appraisal report from Grant Samuel and Associates in September valued Milburn shares at between $1.90 and $2.11. That was later revised to between $1.94 and $2.15.
As a result of that revision, Swiss-owned cement-maker holderbank reluctantly lifted its offer for Milburn from $1.90 to $2.10.
