Bid for Vinz on table

19:28, Jan 09 2013

The Kiwi subsidiary of multi- national vehicle inspection company Jevic has formally issued its $4.1 million offer for Vehicle Inspection New Zealand (Vinz).

Jevic NZ last month announced its intent to buy up the shares at $1.65 each, a 10 per cent premium to Vinz stock's price on the New Zealand Unlisted share trading platform.

Vinz inspects, tests and certifies new and used vehicles to meet warrant of fitness and certificate of fitness standards, and also performs vehicle appraisals and inspections, exhaust emission testing, driver and vehicle licensing, and road user charge collection.

Jevic NZ carries out pre-import inspections and wants to kick its business into gear within New Zealand's borders.

In just-issued offer documents, Jevic justified the $1.65 per share price, saying there was significant uncertainty in its future business model with the impending reform of vehicle licensing regulations. Fairfax NZ

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