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Offeror(s): Millstream Equities Limited
Independent Adviser(s): PricewaterhouseCoopers (Rule 21)
Offer Date: 19/07/2001
Closing Date: 31/08/2001
Offer Type: Full
On 4 July 2001, Millstream Equities Limited (“Millstream”) advised Montana Group (NZ) Limited (“Montana”) of its intention to make a full offer for all shares not already held by Millstream at a price of $4.80 per share.
On 24 August 2001, Lion Nathan Enterprises Limited decided to accept the offer and sold its 43% stake in Montana to Millstream. By 29 August 2001, Millstream held or controlled 75% of the issued shares in Montana and the offer became unconditional on 30 August 2001.
At the closing date of the offer, Millstream held or controlled 95.801% of voting rights in Montana. Millstream completed a compulsory acquisition under Part 7 of the Code, and on 2 October 2001, Montana advised that as of 8 October 2001, ordinary shares in Montana would cease to be quoted on the NZSE.