Vehicle Inspection New Zealand Limited

 

Transaction Type: Takeover (Full)

Offeror: JEVIC NZ Limited

Independent Adviser(s): Simmons Corporate Finance (Rule 21)

Offer dispatch date: 9/01/2013

Offer closing date: 13/02/2013

Exemption: Vehicle Inspection New Zealand Limited - Exemption Notice 2013

 

On 9 January 2013, JEVIC NZ Limited (JEVIC) made a full takeover for all the ordinary shares in Vehicle Inspection New Zealand Limited (VINZ).

Key terms of the offer:

  • The consideration offered for each VINZ share was initially $1.65 cash. The consideration was increased to $2.15 during the offer period.
  • The offer was conditional on (among other things):
    • JEVIC receiving more than 50% acceptance of its takeover offer;
    • the New Zealand Transport Association providing certain assurances; and
    • the General Manager agreeing to remain with VINZ.

The offer closed on 13 February 2013 with JEVIC receiving 100% acceptances.