Shotover Jet Limited
Transaction Type: Takeover (Full)
Offeror: Ngai Tahu Holdings Corporation Limited
Independent Adviser(s): Grant Samuel & Associates (Rule 21)
Offer commencement date: 9/09/2002
Offer closing date: 7/11/2002
On 9 September 2002, Ngai Tahu Holdings Corporation Limited (Ngai Tahu) made a full takeover offer for all of the shares in Shotover Jet Limited (SJL) it did not already hold, for consideration of $0.60 cash per share. At the time of its offer, Ngai Tahu held 82.64% of SJL.
On 8 October 2002, Ngai Tahu increased its offer to $0.70 per share. On 9 October 2001, SJL’s directors advised shareholders that the independent adviser's view was that the offer of $0.70 per share was not fair given the underlying value of SJL was in the range of $0.82 to $0.94 per share.
The offer closed on 7 November 2002. On 12 November 2002, Ngai Tahu announced that it had received acceptances which took its shareholding to 88.3%, falling short of the 90% ownership to compulsorily acquire the balance of the shares.
Grant Samuel & Associates prepared a rule 21 independent adviser’s report on the merits of the offer.