Offeror(s): Montagu Investment Holdings Limited

Independent Adviser(s): Grant Samuel (Rule 21)

Offer Date: 05/01/2013

Closing Date: 08/03/2013

Offer Type: Partial

Summary of transaction:

On 5 January 2013, Montagu Investment Holdings Limited (“Montagu”) made a partial takeover offer for shares in Radius Properties Limited (“Radius”).

Key terms:

  • The offer price was (initially) $0.42 per Radius share.

  • The offer was conditional on Montagu receiving acceptances that would confer 50.001% of the voting rights in Radius to Montagu, when taken together with the Radius shares already held by Montagu.

During the offer period, Radius received an offer from Radius Residential Care Limited (“RRC”) to purchase all of the assets in Radius for $23.76 million (equivalent to $0.59 per share). Montagu subsequently increased its offer price to $0.56 per share and, as a result, it triggered several intra-bid lock-up agreements with Radius shareholders.

Radius held a shareholders meeting on 5 March 2013 to pass a special resolution to approve the RRC asset purchase offer. The resolution was not passed.

Montagu successfully completed its partial takeover for 50.001% of Radius on 8 March 2013.

(The Panel held a section 32 meeting in relation to this transaction. Further information on the Panel’s decision can be found here).

 

We have not received consent to publish other documents in relation to this transaction on our website. However, copies of these documents are available upon request to the Panel under the Official Information Act 1982. Please send your written Official Information requests to takeovers.panel@takeovers.govt.nz

 

 

Key Documents

Target Company Statement:
Independent Adviser Report(s):