Abano gains NZX waiver over sale of half stake in Bay International; deal now unconditional

Thu, 26 May 2016

By Jonathan Underhill May 27 (BusinessDesk) - Abano Healthcare Group's sale of its 50 percent stake in Bay International has been declared unconditional after the NZX granted a waiver that meant the deal doesn't need to go to a shareholder vote. The healthcare investor has agreed to sell the stake in Bay International to interests associated with Peter Hutson for $32 million, almost three times book value. It will generate a surplus of about $20 million once Abano's A$1.8 million share of Bay Audio Australia’s deferred tax asset was recog...

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