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Mainfreight gets thumbs up for European acquisition

Friday 25th March 2011

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Mainfreight said its shareholders support its acquisition of the Wim Bosman Group following a special meeting in Auckland yesterday.

"Of the votes received, 100% 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 NZ$205 million, though an earn out provision could increase this to a maximum of NZ$224 million.

 

NZPA



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