VINZ says offer too low

Last updated 07:28 23/01/2013

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Uncertainty caused by the Government's review of the vehicle warrant of fitness system was behind an "opportunistic" takeover bid for Vehicle Inspection New Zealand, its chairman said yesterday.

In a letter to shareholders, Vinz chairman Kenneth Worsley advised shareholders to reject an offer from Japanese-owned business Jevic NZ.

The offer of $1.65 a share was inadequate, he said, after an independent report from Simmons Corporate Finance assessed the value of Vinz shares at $1.77 to $3.70. Fairfax NZ

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- Taranaki Daily News

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