Turners board backs takeover bid, valued at bottom of adviser's range

Sun, 28 Sep 2014

By Paul McBeth Sept. 29 (BusinessDesk) - The independent directors of Turners Group NZ, formerly Turners Auctions, are backing an offer to take over the car auction firm, which is at the bottom of an independent adviser's valuation range. The Turners board has endorsed the $82 million bid by Dorchester Pacific, saying the $3 a share offer was within the valuation range put forward by Grant Samuel in its report, no other offer had been made, and that the finance company already held about 41 percent of the firm's shares and was likely to t...

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