New bidder at Otago Power

The offer is intended to take Dunedin to 20%, the maximum allowed under the Takeovers Code without an offer to buy all the shares.

Dunedin also announced a full takeover bid.

The Southland bid is headed by Martin Walton, whose company PowerNet has been running the Otago network for 18 months.

The consortium already owns a 20% stake.

The Dunedin offer promises shareholders continued local ownership, a three-year price freeze, no job losses and better service. It said its full bid would more than match the consortium's offer.

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director