Dorchester gets past 90% ownership for Turners, triggering mop op

Wed, 29 Oct 2014

By Suze Metherell Oct. 29 (BusinessDesk) - Dorchester Pacific, the finance company, has reached the 90 percent threshold in its takeover of Turners Group, allowing it to mop up remaining shares in the car auction firm. Dorchester offered Turners' shareholders either $3 a share in cash, two-year notes that pay interest of 9 percent and convert to Dorchester shares, ordinary shares of Dorchester, or any combination of the three. The finance company wants the car auction house to complement its loan book, of which 70 percent is made of c...

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