Wednesday night next week, we will know the full answer on JEVIC NZ’s takeover offer for Vehicle Inspection NZ (VINZ) – although it appears from AutoTalk’s understanding to be a foregone conclusion.
The take-up of the offer since it was raised last week to $2.15 a share, has been rapid, with the company reaching the 75% mark at 5pm Tuesday, February 5, just 15% short of the mark required to trigger a compulsory acquisition of the remaining shares.
JEVIC chief executive Euan Philpot refused to acknowledge the purchase was a done deal, but says the raised offer has been popular.
“We are seeing a strong take-up and the response from the shareholders has been great,” he says. “The feedback has been they believe the offer is very very fair.”
“Our intent is to tie up 90% by 5pm on Wednesday, February 13.”
Despite the gloom painted by others regarding the Vehicle Licensing Reform, Philpot says he will not know what future changes they will need to make to account for the changed market until the sale is confirmed, and they get their ‘feet under the desk.’
He says the new market is not necessarily a negative.
“We are not of the opinion that it is all doom and gloom,” he says. “We are of the opinion that for companies that take a long term view, this is a fantastic opportunity.
