Montana Group (NZ) Limited
Transaction Type: Takeover (Full)
Offeror: Millstream Equities Limited
Independent Adviser(s): PricewaterhouseCoopers (Rule 21)
Offer dispatch date: 19/07/2001
Offer closing date: 31/08/2001
On 4 July 2001, Millstream Equities Limited (Millstream) advised Montana Group (NZ) Limited (Montana) of its intention to make a full offer for all the shares in Montana not already held by Millstream at a price of $4.80 per share.
On 24 August 2001, Lion Nathan Enterprises Limited decided to accept the offer and sold its 43% stake in Montana to Millstream. By 29 August 2001, Millstream held or controlled 75% of the issued shares in Montana and the offer became unconditional on 30 August 2001.
At the closing date of the offer, Millstream held or controlled 95.801% of voting rights in Montana. Millstream completed compulsory acquisition of the outstanding shares under Part 7 of the Code. On 2 October 2001, Montana advised that as of 8 October 2001, ordinary shares in Montana would cease to be quoted on the NZX.