Port of Tauranga consortium to acquire Marsden Maritime Holdings

Port of Tauranga's consortium, in partnership with Northland Regional Council (NRC) and Tupu Tonu (Ngāpuhi Investment Fund), has received Council approval to proceed with the acquisition of Marsden Maritime Holdings (MMH). The consortium aims to buy out minority shareholders in MMH through a scheme of arrangement and merge the company with Northport Limited. Following the acquisition, NRC will hold a 43% stake in the new enlarged company, while Port of Tauranga will hold a 50% stake. Tupu Tonu will hold a 7% stake. NRC and Port of Tauranga will have equal decision and voting rights. Northport is currently owned 50/50 between Port of Tauranga and MMH. MMH shareholders will receive scheme documents and an Independent Appraiser's report ahead of a special meeting to vote on the proposal.