Pushpay’s local shareholders score a rare victory

Chair Graham Shaw welcomed Sixth Street as a shareholder. (Image: supplied)

Mon, 06 Mar 2023

It’s rare that a takeover via a scheme of arrangement fails because a scheme requires the target company’s board to support it.As we saw with the takeover of Metlifecare in 2020, even when one director, then chair Kim Ellis, voted against the scheme, it still succeeded.The only other scheme I can remember that failed was OG Oil & Gas’ attempt to take out the shares it didn’t already own – it owned nearly 70%, and getting 75% of the remaining shares to agree with the scheme proved too high a hurdle. So, it...

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