SEA Holdings fails to snap up TTP

The share market gets to keep Trans Tasman Properties (TTP) as a listing because bidder SEA Holdings has failed to buy enough shares to force compulsory acquisition of remaining shares.

Hong Kong-based SEA Holdings said today it had decided not to extend its full takeover offer for TTP beyond Tuesday.

This means it has succeeded in increasing its stake from just over 50 per cent to 79 per cent but it failed to reached 90 per cent, the level at which it could force remaining shareholders to sell at.

TTP resulted from the merger of the old Robt Jones Investments and Seabil New Zealand Ltd in 1995. It has since shifted from being a property owner to property developer.

SEA first offered 51c a share for all the shares it didn't own in TTP in July and then raised the offer to 55c. It extended the offer to October 10. Today it said it would not extend the offer further.

The raised offer valued the company at $85.3 million.

- NZPA