The browser you are currently using is not being supported by this website, please upgrade to a more recent browser for a better viewing experience.
Offeror(s): Christchurch City Holdings Limited
Independent Adviser(s): Northington Partners (Rule 21)
Offer Date: 25/08/2014
Closing Date: 23/09/2014
Offer Type: Full
Summary of transaction:
On 25 August 2014, Christchurch City Holdings Limited (“CCH”) made a full takeover offer for all the ordinary shares in Lyttelton Port Company Limited (“LPC”).
The consideration offered was $3.95 cash per LPC share.
The offer was subject to, among other things, the following conditions:
CCH receiving acceptances that would result in it holding or controlling 90% or more of the voting rights in LPC; and
the LPC Board declaring and paying a special dividend of 20 cents per share prior to the closing date of the offer.
Port Otago Limited had entered into a lock-up agreement whereby Port Otago had agreed to accept the offer in respect of its LPC shares (15.48%), within two business days after the satisfaction of the special dividend condition.
CCH gave notice on 19 September 2014 that it had become the dominant owner and it declared the offer unconditional.
The offer closed on 23 September with CCH receiving acceptances in respect of approximately 98.72% of the shares in LPC. On 29 September 2014, CCH sent its compulsory acquisition documents to compulsorily acquire the remaining shares from the outstanding shareholders.