Jevic succeeds in takeover of VINZ after raising its offer

Jevic New Zealand, the vehicle inspection firm, has won control of rival Vehicle Inspection New Zealand after upping its offer last month and winning support of the target's directors.

As of midday Jevic had received acceptances from holders of 95.8 percent of VINZ shares, meaning it can compulsorily acquire the rest when the offer closes on Wednesday.

Last month Jevic increased its offer to $2.15 a share from the $1.65 a share, valuing VINZ at $5.4 million. Directors of VINZ are selling their own holdings into the offer.

VINZ chairman Ken Worsley said last month that $2.15 a share was a fair price in the current extremely uncertain regulatory environment for companies that pre-vet imported used vehicles. The price is close to the middle of a range in the report of independent adviser Simmons Corporate Finance.

VINZ's shares are listed on the unregulated Unlisted securities trading facility, where they last traded at $1.50, valuing the company at $3.8 million. Jevic has lockup agreements with four shareholders who own about 18.5 percent of VINZ.

Among VINZ's services is the completion of vehicle entry certification for the NZ Transport Agency and it has about 40 percent of that work.

The Jevic group provides pre-shipment inspections in Japan and the UK and says it is the country's largest biosecurity vehicle inspectorate, with about 85 percent of that market.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7025 -0.0133 -1.86%
AUD 0.8928 -0.0197 -2.16%
EUR 0.5938 -0.0130 -2.14%
GBP 0.5333 -0.0086 -1.59%
HKD 5.4806 -0.1087 -1.94%
JPY 78.9510 -1.9910 -2.46%

Commods

Commodity Price Change Time
Gold Index 1280.7 -4.180 2017-10-18T00:
Oil Brent 58.1 0.280 2017-10-18T00:
Oil Nymex 52.0 0.170 2017-10-18T00:
Silver Index 17.0 -0.044 2017-10-18T00:

Indices

Symbol Open High Last %
NZX 50 8115.0 8129.9 8115.0 0.11%
NASDAQ 6634.3 6635.5 6623.7 0.01%
DAX 13036.3 13042.6 13043.0 -0.81%
DJI 23087.1 23172.9 22997.4 0.70%
FTSE 7542.9 7542.9 7542.9 -0.48%
HKSE 28783.8 28798.8 28711.8 -1.92%
NI225 21450.0 21503.8 21363.0 0.40%
ASX 5890.5 5910.2 5890.5 0.05%