Vehicle Inspection New Zealand Limited
Transaction Type: Takeover (Full)
Offeror: JEVIC NZ Limited
Independent Adviser(s): Simmons Corporate Finance (Rule 21)
Offer commencement date: 9/01/2013
Offer closing date: 13/02/2013
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.