By DANIEL RIORDAN
Pyne Gould Corporation is revising its bid for the 49.7 per cent of South Eastern Utilities it does not already own.
PGC's original offer, announced on November 16, offered South Eastern shareholders $1.07 a share, compared with a fair value range of $1.07 to $1.12 calculated in an appraisal report commissioned by South Eastern's independent directors.
Those directors, headed by chairman Norman Geary, expect the company's net tangible asset backing at the offer's closing date of January 23 to be $1.09 a share.
PGC chairman Sam Maling said yesterday that South Eastern's investment in Christchurch software developer Genztech was at the heart of PGC's decision.
Opinion varied on Genztech's value, and South Eastern's cornerstone stake could attract keen buyers.
If that was the case, South Eastern shareholders should be given the opportunity to take advantage of any benefits.
PGC expects to issue a new takeover offer within the next few days.
South Eastern is a cashed-up utilities investor listed on the Stock Exchange.
Agribusiness company PGC is unlisted.
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