By Chris Hutching
Friday 31st March 2000
|Text too small?|
Californian investor group Palo Alto has its eye on the jewel in DB's crown, its ownership of the Corbans wine business.
Asia Pacific Breweries' recent bid for all the capital of the company closed on Tuesday, lifting its stake from 66% to 73%.
Most broking houses had advised their clients to hold on to their shares in view of a PricewaterhouseCoopers report putting a fair market price at between $3.19 and $3.61 a share.
The report also warned in the absence of a competing bid the fizz would soon go out of the share price if the Asia Pacific offer fell flat.
But the emergence of a new San Francisco-based institutional shareholder, Palo Alto, may renew interest in the stock. It built up a 10% holding during the bid period, possibly explaining why the shares rose to nearly $2.90 a share at one stage.
Lower Hutt lawyer Nigel Moody of Gibson Scheat, acting for Palo Alto, obtained a statement from the company. Palo Alto says it has owned DB shares since 1996 because it is "unusually well managed for a company of its size (in part due to its association with Heineken).
No comments yet
New vehicles sales hit record highs for November due to higher net migration and low interest rates
NZ dollar edges up toward 71 US cents ahead on US non-farm payrolls
MARKET CLOSE: NZ shares drop, A2 Milk gives up gains; F&P Healthcare gains on court result
Instance Finance boss accuses retail banks of 'poaching' lenders by under-cutting high rates
Affco attempt to silence union declined, good-faith bargaining resumes
Intueri waits to hear about A$6mn payment, future in Australia
Tourism bed tax should include Air BnB, says report
Godfrey Hirst ends fight to overturn approval of wool scour monopoly
Whole milk powder may rise in next week's GlobalDairyTrade auction
February date set for Augusta's High Court attempt to get NPT to call shareholder meeting