Advisor to the Independent Directors of Carter Holt Harvey in relation to a takeover offer from Rank Group for NZ$2.804bn. The takeover offer followed International Paper’s agreement to sell its 51% stake in Carter Hold Harvey to Rank Group.
We assisted the Independent Directors Committee in the preparation of the Target Company Statement, including the recommendations to minority shareholders. The process was notable in that Rank Group settled the Independent Paper purchase early in the offer period and assumed control of the Board. Subsequently, and while the offer was still open, the company forecasts on which the original Target Company Statement was based were revised. The Independent Director Committee chose to provide revised advice to shareholders
In 2004, Cameron partners advised the Independent Directors in relation to the sale of Edison Mission’s 51% stake in Contact Energy, a process which culminated in a takeover offer from Origin Energy for $NZ$3.3 billion. This followed an earlier role as advisor to the Independent Directors of Contact Energy in relation to the takeover offer made by Contact’s majority owner, Edison Mission, in 2001.
In both instances Cameron Partners assisted the board in managing the relationship between the controlling shareholder and the company, while seeking to obtain the maximum value for the minority shareholders.
Advisor to the Independent Directors of Capital Properties NZ Ltd in relation to a takeover offer from AMP Property Portfolio Investments Ltd for NZ$360m.
We assisted the Independent Directors Committee in the preparation of the Target Company Statement, including the recommendations to minority shareholders and discussions with the offeror. The AMP Property Portfolio offer was successful following an increase in the offer price from $1.42 to $1.48 per share.
Advisor to the Independent Directors of Kingsgate in relation to the takeover offer from KIN Holdings Limited.
Cameron Partners were engaged subsequent to a takeover offer for Kingsgate by a company associated with the controlling shareholders. The timeframes were extremely tight and required Cameron Partners to value KIngsgate, liaise with the Independent Appraiser, provide advice to the Independent Directors and assist with negotiations with the offereror. The result was a materially increased offer price which was subsequently recommended by the Independent Directors.
Advisor to the Board of New Zealand Dairy Foods in relation to the takeover offer from Rank Group Limited.
In 2001, the major companies in the New Zealand dairy sector combined to form Fonterra Cooperative Group Limited (Fonterra). As part of the approval allowing this combination, Fonterra was obliged to separate and sell its interest in New Zealand Dairy Foods Limited (NZDF). Cameron Partners initially provided advice to NZDF in regard to the sale process through which Fonterra disposed of its controlling stake in the company, provided a valuation to the Board and subsequently provided an independent report to the non-Fonterra shareholders assessing the merits of the takeover offer from the Rank Group.
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