Renaissance shareholders approve sale of IT distribution business

Fri, 06 Jul 2012

By Hannah Lynch July 06 (BusinessDesk) - Shareholders of Renaissance Corp, which used to have a monopoly on national supply of Apple products, have voted to sell its IT distribution division to Exeed Limited, halving the size of its balance sheet. The vote secured the required majority at a special meeting in Auckland, and will see information technology distributor Exeed take over the supply of Apple, Fuji, Cygnet, Belkin and Ozaki and acquire all the company's stock, valued at about $2.5 million. Exceed will pay $2.3 million in goodwill and...

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