SEA makes another takeover bid for Trans Tasman

Hong Kong-based SEA Holdings is launching another takeover bid to get the remaining shares in property development company Trans Tasman Properties (TTP) that it does not already own.

TTP said SEA was offering 60c a share for the 19.45 per cent of the company owned by other shareholders. TTP shares closed at 56c on the New Zealand sharemarket yesterday.

SEA also said it had already increased its relevant interest in TTP shares to 90.6 per cent as the result of lock-up agreements.

The offer values TTP at $92.5 million. SEA can compulsorily acquire minority shareholdings when it reaches 90 per cent ownership.

A committee of independent TTP directors John Ferner, Carl Peterson and Warren Wilton would be formed to consider the takeover notice, TTP said.

TTP requested a trading halt for its shares and said it would make further announcements to the sharemarket when the independent directors ha d assessed the implications of the takeover notice and the lock-up agreements.

SEA sought to take over TTP last year but decided not to extend the offer in October when it had 79 per cent of TTP.

- NZPA