Guinness Peat agrees to sell CIC stake to Peet for $A15m
The investment company continues to liquidate its holdings.
Guinness Peat Group, the investment company liquidating its holdings, has agreed to sell 19.9 percent of ASX-listed property developer CIC Australia to Peet Ltd for about $A15 million.
Peet today announced a cash takeover for all the shares in CIC for 60 Australian cents apiece or $A76 million, it says in a statement to the ASX. CIC has seven active projects in Australian Capital Territories, New South Wales, South Australia and the North Territories worth $A148 million.
"GPG intends to accept the bid for its entire shareholding in CIC on or before May 7, 2013, subject to there being no superior proposal at that time," it says in a separate statement.
Shares of CIC last traded at 63 Australian cents on the ASX, valuing the company at $A78.6 million. Peet, a land development and fund management firm, last traded at $A1.40 for a market value of $A443 million.
GPG shares last traded at 60 cents on the NZX.
(BusinessDesk)
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Guinness Peat agrees to sell CIC stake to Peet for $A15m
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