A multinational vehicle inspection company making a full takeover bid for Vehicle Inspection New Zealand has increased its offer by nearly a third.
The multinational vehicle inspection company making a full takeover bid for Vehicle Inspection New Zealand, has upped its offer by nearly a third.
Japan-based Jevic, is now offering VINZ shareholders $2.15 a share, a 30% hike from its initial offer of $1.65 made last month.
This now values VINZ at $5.3 million, and is at a 43% premium to VINZ's pre-offer share price.
Jevic chief executive Euan Philpot says the takeover bid was boosted after an independent report revealed new and more detailed information about VINZ's financial position.
"Once we got the independent advisor's report ... it gave us the platform on which to review our stance."