V’hire bid

Press, 21 February 1986, Page 10

V’hire bid

PA Auckland Euronational Corporation, Ltd, will mount a S2OM take-over bid for Visionhire Holdings, Ltd. A proposal had been put before the Visionhire directors. The offer is one fully paid Euronational 50c share for each two. 50c Visionhire shares, or 195 c in cash for each Visionhire ordinary share. Visionhire shareholders will also receive a dividend of 5c per share before March 31.

Last reported sales of Euronational shares were

at 455 c each. Visionhire shares were at 150 c each. The Euronational directors said the company already owned 502,500 ordinary shares in Visionhire, equivalent to 4.9 per cent of the issued capital, and had signed a contract with Elecrent. NZ Holdings, Ltd,, which had accepted the cash option for its 49.9 per cent holding in Visionhire. Elecrent would continue to extend technical and management assistance, and has agreed to a continuation of naming rights for a further five years. The approval of the Commerce Commission is the only condition of the offer. Visionhire directors issued a “don’t sell” notice to shareholders earlier yesterday, and their recommendation on the. Euronational offer is expected in a few days.