Friday 25th March 2011 |
Text too small? |
Mainfreight said its shareholders support its acquisition of the Wim Bosman Group following a special meeting in Auckland yesterday.
"Of the votes received, 100% were in favour of the resolution," the company advised NZX.
Investors often doubt offshore expansion plans by New Zealand companies but Mainfreight's share price soared after the acquisition was announced as it has a successful track record in international acquisitions that have diversified its earnings base.
The company told shareholders today that Wim Bosman was a profitable business which would give it a significant footprint in Europe. It had a similar culture to Mainfreight.
The purchase price is NZ$205 million, though an earn out provision could increase this to a maximum of NZ$224 million.
NZPA
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes