Shotover Jet directors urge caution on new takeover bid

Ngai Tahu Holdings Corporation, which already holds an 82 percent stake in the adventure company, has upped its takeover offer to 70c per share, an increase of 10c on the original offer.

Both offers were made on the basis that a fully imputed dividend of 1.25cps, already announced, would be received by all shareholders.

Shotover's independent directors reminded shareholders today that a Grant Samuel valuation found that the company's underlying value was in the range of 82c to 94c per ordinary share.

The directors advised shareholders not to accept the offer before considering the Grant Samuel report and a Shotover Jet response to Ngai Tahu's offer, which would be mailed out on Friday.

"Shareholders should carefully evaluate the independent report before making any decision on the offer," they said.

Shotover Jet shares rose to a new high 5c to 70c by 12.30pm today.

The company operates jet boat businesses in New Zealand, a jet boat business in Fiji, and the Rainbow Springs and Farm business in Rotorua.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.