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Offeror(s): Mercantile NZ Limited
Independent Adviser(s): Northington Partners Limited (Rule 21)
Offer Date: 23/08/2016
Closing Date: 06/10/2016
Offer Type: Full
On 11 August 2016, Mercantile NZ Limited (“Mercantile”) issued Wellington Merchants Limited (“WML”), with a takeover notice, setting out its intention to make a full takeover offer for WML (previously known as Kirkcaldie & Stains Limited).
The Offer followed an earlier unsuccessful conditional full takeover offer made by Mercantile on 15 March 2016, for $2.75 per share (subsequently increased to $3.00 per share), which lapsed on 13 June 2016.
Mercantile’s offer opened on 23 August 2016 at $3.45 for each share.
The directors of WML recommended that shareholders accept the offer on the basis that the offer was sufficiently close to the WML’s calculated range, and that WML’s concerns with the March 2016 offer had been addressed.
On 10 October 2016, Mercantile became the holder or controller of more than 90% of the voting rights in WML.
Mercantile commenced the compulsory acquisition process on 11 October 2016, and completed the process on 27 October 2016, holding 100% of the shares in WML.