First NZ increases Airwork target price after RIFA takeover offer

Tue, 04 Oct 2016

By Sophie Boot Oct. 5 (BusinessDesk) - First NZ Capital has increased its target price for specialist aviation company Airwork Holdings in response to the takeover lock-up deed between China's Zhejiang Rifa Holding Group (RIFA) and Airwork's major shareholders. Announced yesterday, the deal means RIFA has agreed to make a conditional partial takeover offer for 75 percent of Airwork’s ordinary shares at $5.40 per share. The stock rose as 18 percent to $5.20 yesterday, but was down 1 percent to $5 in trading today. Parties associated wi...

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