ARH extends takeover offer period for Ports of Auckland

ARH said shareholders only received the takeover company statement this week and it wanted to give them more time to respond to the offer.

ARH is offering $8.00 per share. So far it has only boosted its stake by 2.57%, to 82.57%. It needs to reach 90% to spark a compulsory takeover of all remaining shares.

The offer will now close on June 17.

Last week POA's directors' committee decided not to recommend whether shareholders should accept or reject the offer.

A report by independent adviser Grant Samuel and Associates Ltd valued POA at $7.68 to $8.55 a share, which included a premium for control.

POA's directors said while this meant ARH's offer could be deemed "fair" it was concerned it may not be "reasonable". The committee was concerned that there were potential synergy benefits for ARH by having 100% ownership of the company which were not properly provided for in the offer price.

Shares in POA were unchanged at $7.95 this afternoon, having ranged between $6.45 and $8.02 over the past 12 months.

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