Shareholders approve Trade Me takeover

TradeMeTrade Me shareholders voted overwhelmingly to approve Titan’s takeover scheme at a special shareholder meeting in Wellington yesterday.

Nearly all votes cast – 99.29 per cent – were in favour of the arrangement, which was approximately 65 per cent of the total possible votes that could be cast.

“The board was unanimously in favour of this proposal and was confident that this was an attractive offer for shareholders,” David Kirk, Trade Me’s chairman, said.

Kirk noted that the scheme arrangement still needs to be approved in a High Court hearing later this month.

“Provided the High Court process proceeds as we expect, Titan will acquire all of the shares in Trade Me in May and Trade Me will leave the NZ and Australian Stock Exchanges then.”


At this stage, it is expected that the scheme will pay shareholders NZ$6.45 per share around May 8, which is above the $5.93 to $6.39 per share at which the business’s shares have been independently valued.

Last month, the New Zealand Overseas Investment Office gave its consent to the acquisition, which along with the shareholder vote leaves only High Court approval as the final hurdle.

As of Thursday, Trade Me shares are trading at $6.43.

Comments

Comment Manually

Twitter

If employers look beyond the stereotypes, they will find that older workers bring many benefits to a business. https://t.co/Kw30qFZ5Sr

9 hours ago

The new economic reality will have a profound impact on retail. Some of the routines developed during lockdown may… https://t.co/Y4ImM7mFnx

14 hours ago

A new website is shining a spotlight on local retailers and making it easier for consumers to find and support them… https://t.co/64VwdH0TgD

17 hours ago