Horizon Energy has again appointed independent advisers to consider a takeover bid from the Eastern Bay Energy Trust.Simmons Corporate Finance will prepare an appraisal of the trust's $4-a-share offer for the remaining 32.71% stake it doesn't already own.
Horizon Energy has again appointed independent advisers to consider a takeover bid from the Eastern Bay Energy Trust.
Simmons Corporate Finance will prepare an appraisal of the trust’s $4-a-share offer for the remaining 32.71% stake it doesn’t already own.
In October last year, Simmons valued Horizon shares at between $3.96 and $4.68, after Marlborough Lines made a partial takeover bid, seeking 51%.
Its offer valued the company at $99 million, which fell at the bottom end of Simmons’ report.
Horizon’s directors then told shareholders to shun Marlborough Lines’ bid at $3.96-a-share before asking the trust to publicly state its intentions.
Horizon will send shareholders a target company statement including the new report on February 12, together with a recommendation from its directors about whether to accept the offer or not.
Eastern Bay Energy Trust also intends to send its offer to shareholders on February 12. It needs more than a 50% positive response from regional beneficiaries and shareholders before making the offer.
Last week, trust chairman David Bulley told NBR the trust believed it was important to secure local ownership, given the recent partial takeover offer and the possibility of other offers emerging.
Horizon shares (NZX: HED) were down from $3.84 to $3.75 this morning.
