Jevic succeeds in takeover of Vehicle Inspection NZ after upping its offer

Mon, 11 Feb 2013

Feb. 11 (BusinessDesk) - Jevic New Zealand, the vehicle inspection firm, has won control of rival Vehicle Inspection New Zealand after upping its offer last month and winning support of the target’s directors. As of midday Jevic had received acceptances from holders of 95.8 percent of VINZ shares, meaning it can compulsorily acquire the rest when the offer closes on Wednesday. Last month Jevic increased its offer to $2.15 a share from the $1.65 a share, valuing VINZ at $5.4 million. Directors of VINZ are selling their own holdings into the o...

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