Lyttelton Port board backs council takeover, will pay special dividend

Mon, 01 Sep 2014

By Paul McBeth Sept. 1 (BusinessDesk) - The board of Lyttelton Port Co has backed a takeover bid by council subsidiary Christchurch City Holdings, and will resolve to pay a special dividend to existing shareholders. 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. Having crossed the 90 percent threshold with the lock-up agreement, it...

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