Marsden Maritime Holdings (MMH) has released a scheme booklet to shareholders, as it seeks approval for the proposed acquisition of all shares in the company, excluding those held by the Northland Regional Council.
The acquisition would be carried out by a consortium comprising Port of Tauranga, the Northland Regional Council, and Tupu Tonu (Ngāpuhi Investment Fund), through a scheme of arrangement.
The MMH board has unanimously recommended that shareholders vote in favour of the scheme.
The consortium has offered $5.60 per share, which is above the midpoint of the independent appraiser's valuation range.
The special meeting of MMH shareholders to vote on the proposal is scheduled for May 29, 2025.
The scheme will involve the formation of a new holding company, with Port of Tauranga, Northland Regional Council, and Tupu Tonu holding 50%, 43%, and 7% stakes, respectively.
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