Motor Trade Finances rebuffs Heartland approach, mulls meeting

Sun, 20 Jul 2014

By Paul McBeth July 21 (BusinessDesk) - Motor Trade Finances, the Dunedin-based auto-finance firm, rejected a takeover offer from Heartland New Zealand earlier this year, and is warning its shareholders to be wary of any communication from the bank. The finance company, which has a loan book of some $438 million, has been in talks with Heartland for a considerable period over a potential takeover bid, with an indicative offer made in May, which the board declined, MTF said in a statement. One of the reasons for turning down the bid was He...

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