NZ's Dorchester Pacific planning bid for Turners Auctions
WELLINGTON, July 28 (Reuters) - New Zealand financial services company Dorchester Pacific Ltd said on Monday it is planning a takeover bid for auction company Turners Auctions.
It said it would offer NZ$3 a share, convertible shares, its own shares, or a combination of all three payment methods.
Dorchester said it had agreed to acquire a holding of 20.8 percent of Turners shares owned by Bartel Holdings, giving it a total of 40.65 percent.
Turners Auctions, shares in which closed atNZ$2.75 on Friday, was placed on a trading halt. (Gyles Beckford)