Marsden Maritime Holdings (MMH) has announced a scheme implementation agreement with a consortium for the acquisition of all MMH shares, excluding those already held by the Northland Regional Council.
The consortium, which consists of Port of Tauranga, Northland Regional Council, and Ngāpuhi Investment Fund, will acquire the shares at a price of $5.60 per share in cash.
This represents a 73 per cent premium to MMH's share price of $3.24 per share.
The scheme is conditional on the outcome of community consultation by the Northland Regional Council, as well as the approval of the High Court and MMH shareholders.
If the scheme is implemented, MMH will become the sole owner of Northport, and will be de-listed from the NZX.
The consortium will hold all shares in MMH, with 50 per cent allocated to Port of Tauranga, 43 per cent to the Northland Regional Council, and 7 per cent to Ngāpuhi Investment Fund.
The special meeting of MMH shareholders to approve the scheme is expected to be held in May 2025.
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