MTF board says Turners offer undervalues lender, Heartland bid uncertain

Tue, 13 Oct 2015

By Paul McBeth Oct. 14 (BusinessDesk) - The board of Motor Trade Finances has given lukewarm responses to rival suitors wanting to build a cornerstone stake in the auto lender, saying one undervalues the company and the other proposal is too uncertain. The Dunedin-based financier has competing bids by financial services firm Turners and bank Heartland New Zealand which each want to buy up to 20 percent of MTF. Heartland yesterday said it would trump Turners' offer of $1.15 a share, paying $1.50 a share for between 10 percent and 20 percen...

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