A consortium made up of the Northland Regional Council (NRC), the Port of Tauranga, and the Ngāpuhi Investment Fund Limited (Ngāpuhi) have made a conditional offer to buy out the minority shareholders of Marine Maritime Holdings (MMH, formerly Northport), which is listed on the NZ stock exchange. The offer price of $5.60 a share is a 73% premium to the $3.24 last sale price before the offer.
Should the offer go ahead, MMH
will be delisted from the stock exchange. The Port of Tauranga would own 50%,
NRC 43%, and Ngāpuhi 7%.
Currently, the NRC owns a 53.6%
controlling stake in MMH. The proposal would see it sell down its holding to 43%,
and it has stated that it may make a further 7% available to other Maori groups
which would reduce its holding to 36%. LETTERBOX has asked the NRC to clarify
whether it will be consulting with the public on the sell-down. We will publish
their reply in the next issue.
The deal effectively gives the Port of Tauranga control of the port and the substantial land holdings owned by MMH.




