VINZ says offer too low

19:25, Jan 22 2013

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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