Mainfreight gets thumbs up for European acquisition
Mainfreight Ltd said its shareholders support its acquisition of the Wim Bosman Group following a special meeting in Auckland today.
Mainfreight Ltd said its shareholders support its acquisition of the Wim Bosman Group following a special meeting in Auckland today.
"Of the votes received, 100 percent were in favour of the resolution," the company advised NZX.
Investors often doubt offshore expansion plans by New Zealand companies but Mainfreight's share price soared after the acquisition was announced as it has a successful track record in international acquisitions that have diversified its earnings base.
The company told shareholders today that Wim Bosman was a profitable business which would give it a significant footprint in Europe. It had a similar culture to Mainfreight.
The purchase price is $NZ205 million, though an earn out provision could increase this to a maximum of $NZ224 million.
NZPA
Thu, 24 Mar 2011
Thu, 24 Mar 2011
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Mainfreight gets thumbs up for European acquisition
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