MMH shareholders approve buyout by Port of Tauranga consortium

Marsden Maritime Holdings (NZX:MMH) shareholders have voted in favor of a buyout by a consortium that includes Northland Regional Council, Port of Tauranga Limited (NZX:POT), and Tupu Tonu. The move paves the way for the merger of Northport and Marsden Maritime Holdings into a single entity. An application will be made to the High Court for approval of the Scheme of Arrangement. If approved, the consortium will buyout non-Northland Regional Council shareholders at NZD $5.60 per share. A joint announcement from the consortium is attached.