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
- © Fairfax NZ News
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