JEVIC NZ has announced that it has reached the point needed for it to fully takeover Vehicle Inspection NZ – which has a large footprint in the CoF/heavy transport inspection area.
At midday today, it had received acceptances from VINZ shareholders representing 95.84% percent of the total shares.
That meets the threshold specified in Rule 50 of the Takeovers Code, meaning that, once the offer is unconditional, JEVIC will be classified as a dominant owner and, will have the right to acquire all the outstanding shares.
“We are pleased that, thanks to an increased offer price of $2.15 per share, the support of the VINZ board, clarity about vehicle licensing reform from Government, and a positive response from VINZ shareholders, we have reached our target within the offer period,” says Euan Philpot, JEVIC’s chief executive.
“We can now review all remaining conditions, finalise the transaction, and, once that is completed, take the necessary steps to secure 100% ownership of VINZ.”
The offer closes Wednesday, February 13, 2013. All acceptances must reach JEVIC by 5.00 pm on that day.
