King Country Energy independent directors reject two-tier Trustpower offer

Tue, 24 Nov 2015

By Pattrick Smellie Nov. 25 (BusinessDesk) - The independent directors of King Country Energy are urging the company's 6,000 independent shareholders to reject Trustpower's two-tier takeover offer, saying the whole offer should be pitched at $5 a share irrespective of uptake. Trustpower is pitching its offer at $4.78 per share for acceptances between 50.1 percent and 70.2 percent of KCE's shares, and at $5 per share if more than 70.2 percent, excluding any acceptances received from the King Country Electric Power Trust, which holds 19.98...

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