Transaction Type: Takeover (Full)
Offeror: GPG Orchards Limited
Independent Adviser(s): Ferrier Hodgson (Rule 21)
Offer dispatch date: 2/04/2002
Offer closing date: 24/05/2002
On 20 March 2002, Guinness Peat Group PLC announced its intention, through its subsidiary GPG Orchards Limited (GPG), to make an offer for all the shares in ENZA Limited (ENZA) not already held by GPG. At the time, GPG held 19.99% of the issued shares of ENZA.
On 5 April 2002, GPG made a full takeover offer for all of the shares in ENZ at $1.20 cash per share. FRP Orchards Limited (FRP) agreed to accept GPG's offer in respect of its 19.99% shareholding in ENZA.
On 18 April 2002, GPG declared the offer unconditional upon acquiring, when aggregated with its existing shareholding, more than 90% of the shares of ENZA.
On 7 May 2002, GPG gave notice of its dominant ownership of ENZA and sent out a compulsory acquisition notice to the remaining shareholders.
Ferrier Hodgson prepared a rule 21 independent adviser’s report on the merits of the offer.