New Zealand's Dorchester Pacific planning bid for Turners Auctions
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.