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Offeror(s): Spark New Zealand Trading Limited
Independent Adviser(s): Grant Samuel (Rule 21)
Offer Date: 09/03/2017
Closing Date: 22/04/2017
Offer Type: Full
On 7 February 2017 Spark New Zealand Trading Limited (formerly Telecom) announced its intention to make a takeover offer for 100% of the shares in TeamTalk Limited (“TeamTalk”). The offer was sent to the TeamTalk shareholders on 9 March 2017, and was due to close on 22 April 2017.
Not long after the offer document was received, TeamTalk announced that it had been in negotiations with Vodafone NZ Limited, Spark’s largest competitor, for the sale of one of TeamTalk’s subsidiaries. A condition of the Spark offer was that no member of the TeamTalk group was to dispose of any asset with a value more than $500,000 during the offer period. At a special shareholder meeting on 12 April 2017, the TeamTalk shareholders voted to approve the sale of the subsidiary to Vodafone. Spark chose not to waive this condition, resulting in the early lapse of the takeover offer on 12 April 2017.
Grant Samuel prepared a rule 21 independent adviser’s report on the merits of the offer.