Lyttelton offer amounts to premium up to 14%, recommended by independent adviser

Lyttelton offer amounts to premium up to 14%, recommended by independent adviser
By Jonathan Underhill Sept. 2 (BusinessDesk) - Christchurch City Holdings' offer to mop up the remaining shares in Lyttelton Port Co amounts to a premium of up to 14 percent, according to a report from the independent adviser that recommends it be accepted. Christchurch City Council's investment and infrastructure unit, which already owns about 79.6 percent of the port, has entered into a lock-up agreement with Port Otago for its 15.5 percent holding, and will offer $3.95 a share to mop up the remaining stock.  The offer includes Lyttelto...