Ports of Auckland target of buyout
Auckland Regional Holdings wants to buy out minority shareholders of Ports of Auckland Ltd., the public company operating the ports of Auckland and Onehunga in New Zealand.
Auckland Regional Holdings has made a NZ$170-million ($120-million) offer to lift its shareholding in Ports of Auckland from 80 percent to 100 percent.
According to Auckland Regional Holdings, the offer to minority shareholders is NZ$8 ($5.68) per share.
Ports of Auckland has formed a committee of independent directors to consider the offer when it is received, and will appoint an independent advisor.