Samuel Terry Asset Management’s takeover bid for Kangaroo Island Plantation Timbers has fallen short with less than 2% of shareholders taking up the offer. Source: Timberbiz
Samuel Terry Asset Management offered shareholders $1.05 per share last month which KIPT rejected as being well shy of its true value.
The KIPT board, in its target’s statement, said its net asset value was $1.97 per share, and urged shareholders not to accept the bid.
The company’s shares have been trading at or above the $1.05 bid price since the bid was announced on 3 May.
Just over 1.1 million shares, equivalent to 1.95% of the KIPT shares on offer, were sold into the bid.
“Shareholders have accepted the view of the board that the offer undervalued KIPT and have endorsed the strategy as outlines in the Target Statement which identifies value drivers for the business focussing on monetising the fire-affected assets to release the full value of the land,” KIPT chairman Paul Mc-Kenzie said.
