Lyttelton Port Company Limited
Transaction Type: Takeover (Full)
Offeror: Christchurch City Holdings Limited
Independent Adviser(s): Northington Partners (Rule 21)
Offer commencement date: 25/08/2014
Offer closing date: 23/09/2014
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 Offer).
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 with CHC under which Port Otago 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 2014 with CCH receiving acceptances in respect of approximately 98.72% of the shares in LPC. On 29 September 2014, CCH issued compulsory acquisition documents to compulsorily acquire the remaining shares from the outstanding shareholders.