FNZC says Fletcher's play for Steel & Tube opportunistic but on strategy

Thu, 04 Oct 2018

By Rebecca Howard Oct. 4 (BusinessDesk) - Fletcher Building's play for Steel & Tube Holdings is opportunistic but in line with a strategy to chase consolidation in its core New Zealand business, says First NZ Capital. On Wednesday, Steel & Tube knocked back Fletcher's non-binding, indicative and confidential offer for $1.70 a share, arguing it "significantly undervalues" the company. However Fletcher said it will continue its pursuit. Steel & Tube last traded up 1.9 percent at $1.59, having jumped 16 percent yesterday. Meanwhile, Fletcher...

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