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Minority shareholders in NZX-listed developer Trans Tasman Properties have been urged to accept a takeover bid by majority owner SEA Holdings.
On Thursday, independent directors recommended the bid, which SEA declared unconditional.
Asian-controlled SEA owned just over 80 per cent of Trans Tasman until last month when it said it had lockup agreements which have seen it get control of 90.6 per cent.
SEA said it planned to acquire all the shares in the company, which is expected to be delisted in June or July.
The offer documents signed by SEA chairman Don Fletcher and chief financial officer Rod Hodge say Accident Compensation Corporation had agreed to sell SEA its 9,357,313 shares and LIM Asia would sell its 6,150,000. Both parties had agreed they would not sell to any other parties before May 31, Fletcher and Hodge said.
Analysts are also telling shareholders to quit the company, which has had a long and controversial history in its 16 years of listing. SEA has offered 60c a share case. The shares are trading at 59 to 60c.
