New bidder at Otago Power

Friday 10th May 2002

Dunedin Electricity is offering $3.10 a share for Otago Power stock as part of a counterbid to a rival offer by a Southland consortium.

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.

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