New Zealand's Dorchester Pacific planning bid for Turners Auctions

WELLINGTON Sun Jul 27, 2014 6:17pm EDT

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WELLINGTON (Reuters) - New Zealand financial services company Dorchester Pacific Ltd (DPC.NZ) said on Monday it is planning a takeover bid for auction company Turners Auctions (TUA.NZ).

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 at NZ$2.75 on Friday, was placed on a trading halt.

(Gyles Beckford)