Bid for Mot. Holds
PA Wellington An unnamed company connected to the Motor Holdings chairman, Mr Peter Spencer, is planning a take-over bid for the company at 27 cents per share. The cash offer is well above the last market price of 16 cps and values the company at $2.15 million. Mr Spencer told the New Zealand Stock Exchange the unnamed company would serve offer documents in the next few days. Mr Spencer’s family company, Haumoana Holdings, now owns just under 50 per cent, and the family, one of
the richest in New Zealand, controls more than 60% altogether. Motor Holdings has recorded major losses in the last three years, losing $5, million in 1987, $9.3M in 1988 including S6M on the closing of the Subaru assembly plant in Taranaki, and $2.4 million to March, 1989. The company was established by the Turner family in 1936 when it had the New Zealand Volkswagen franchise, and it was listed in 1964.
The Turners sold their 20% stake to the Spencer family in 1986 in a deal believed to be worth about S6M.
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Press, 1 September 1989, Page 17
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181Bid for Mot. Holds Press, 1 September 1989, Page 17
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