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Asahi extends Charlie's takeover bid


Extends closing date of its offer by two weeks.

Niko Kloeten
Thu, 04 Aug 2011

Asahi Beverages New Zealand has extended the closing date of its offer for all the shares in Charlie’s Group (NZX:CHA) by two weeks.

The offer, of 44c a share, will now close at midnight on September 2.

As of yesterday, acceptances for 75.19% per cent of Charlie’s shares had already been received.

Asahi says its offer of 44 cents per share is "compelling" for Charlie’s shareholders, representing a "highly attractive" valuation multiple for Charlie’s and lying near the upper end of the valuation range of 41 to 45 cents established by Grant Samuel. 

It says the offer price of 44 cents is a 57% premium to the last closing price for Charlie’s shares on the NZSX prior to the announcement of the offer on July 4.

No other aspects of the offer have changed. The offer is now only subject to Asahi receiving acceptances from holders of 90% of the shares in Charlie’s and the usual conditions associated with an offer of its nature.

The Overseas Investment Office has already approved the deal.

Niko Kloeten
Thu, 04 Aug 2011
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Asahi extends Charlie's takeover bid
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