More Aussie companies look across the Tasman……………..
A report in the NZ Herald says that Australian asset management company Schroder Investment Management has taken a substantial 7.51 per cent stake in Tourism Holdings.
Schroder is a wholly owned subsidiary of a publicly listed UK company of the same name.
The deal follows the purchase of 6.23 per cent by Accident Compensation Corporation last week and follows the sale of a 10.02 per cent holding by MFS Living and Leisure.
MFS Living failed in July to takeover Tourism Holdings – which owns coaches, rents vehicles and operates attractions including Kelly Tarlton’s – after offering $2.80 a share. MFS Living fell short of a 90 per cent acceptance condition on the offer, reaching 83 per cent.
Tourism Holdings shares closed down 2c yesterday at $2.37 – compared to $2.27 before the takeover bid.
The sale by MFS Living of its final stake in the business was seen as closing the door on the chance of another bid by the Australian company.
Goldman Sachs JBWere analyst Marcus Curley said: “We’re waiting for stage two which is the potential sale/merger of existing assets with other companies rather than expectation of another takeover bid.”
Last October Tourism Holdings decided to narrow its focus and MFS Living emerged as a potential buyer for a leisure asset sale, which developed into the takeover bid.
Report by The Mole
John Alwyn-Jones
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