About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
 
Open account with Equity Investment Advisers
sharemarket

Stakeholder swoops on DB Group

By Chris Hutching

Friday 31st March 2000

Text too small?
The takeover action at DB Group is far from over, with a new institutional shareholder indicating it may make an offer to satisfy major shareholder Asia Pacific Breweries (APBL) and provide minority shareholders with an alternative to the recent $2.80 a share bid price.

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).



Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

NZ dollar declines as US data signals continued economic expansion
While you were sleeping: Apple, Microsoft offer value
Former mortgage broker convicted of fraud after forging documents to help poor families buy properties
LGFA bonds lure foreign investors seeking liquid, highly-rated alternative to NZ government debt
MARKET CLOSE: NZ shares fall; Pacific Edge, Xero, A2 decline
Briscoe issues a take-it-or-leave-it statement to Kathmandu shareholders
NZ dollar gains vs. Australian dollar after weaker GDP, dairy prices rise
SkyCity bonds priced at bottom end of interest rate range
Loyalty NZ full-year sales climb 6.6% on demand for Fly Buys, costs erode profit
MetService 2015 profit drops on delays in inking new MoT contract

 
Previous News
Bond
News Alerts
Breaking News (Up to 10 Emails a day) 
After the Bell (Daily) 
Gold News 

Unsubscribe/Update »

RSS feeds »
Twitter »
Facebook »

Most Commented On
  forex centre
cfd centre
options centre
NZX 15 Index





© Copyright 2015 MoneyOnline Ltd & Investment Research Group Ltd. All Rights Reserved.