MMH takeover advances: Scheme booklet released, meeting set

Marsden Maritime Holdings (NZX:MMH) has released its Scheme Booklet to shareholders, detailing the proposed acquisition of all MMH shares (excluding those held by Northland Regional Council (NRC)) by a consortium including Port of Tauranga (NZX:POT), NRC, and Tupu Tonu. The MMH board unanimously recommends shareholders approve the scheme. The special shareholder meeting, both online and in-person, is scheduled for May 29th. The consortium's offer is set at NZD 5.60 per share, exceeding the midpoint of the independent valuation. Port of Auckland has agreed to vote its 19.9% stake in favor of the scheme. The Takeovers Panel indicates no objection, provided the scheme is approved by the relevant majority. The deal involves forming a new holding company, with Port of Tauranga exchanging its Northport Limited shares for additional holding company shares. Post-acquisition, the holdings will be: Port of Tauranga (50%), NRC (43%), and Tupu Tonu (7%).