About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
 
Support our sponsors:
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

MARKET CLOSE NZ shares rise as Genesis debut sparks energy rally; Meridian, MRP, Contact gain
Landmark Supreme Court decision protects 'outstanding landscapes'
NZ dollar heads for 0.8 percent fall in short week as RBNZ rate review looms
Air New Zealand says claims withdrawn as other airlines settle over cargo cartel, seeks costs
AMP Capital selling kiwi dollar in expectation of decline
BNZ's new CEO Healy expects benefit from expanding economy, targeted investment
Genesis Energy soars on debut, leading fellow energy companies higher
'Chipper' kiwis push up consumer confidence in April
Genesis shares stag 17 percent at listing, trade at $1.81
Dick Smith slows NZ sales decline after shifting some functions to Australia, outsourcing

 
Previous News
Bond
News Alerts
Breaking News 
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 2014 MoneyOnline Ltd & Investment Research Group Ltd. All Rights Reserved.