Centuria declares Augusta Capital takeover offer unconditional
Centuria Capital Group (CCG) has declared its full takeover offer for New Zealand-based Augusta Capital unconditional.
CCG announced in January that its intention to make a takeover offer to acquire New Zealand real estate management platform for $174 million.
Since opening the offer in June, Centuria NZ had acceptances which, together with its existing shareholdings in Augusta, represented 65.86% of Augusta’s shares, the company said the announcement made to the Australian Exchange Securities (ASX).
“We are encouraged by the significant response and we are looking forward to completion of the offer and expanding Centuria’s funds management platform into the New Zealand market. Augusta is a substantial player in this market with a highly effective team,” Centuria’s joint chief executive officer, John McBain, said.
“Moreover, given the relative strength of the Australian commercial market, the position Centuria enjoys on the S&P/ASX300 and Centuria’s strong distribution history, we are excited for so many Augusta shareholders taking up Centuria scrip.”
Centuria NZ varied its offer by increasing the cash component from NZ$0.20 to NZ$0.22 per Augusta share on 30 June, the firm said.
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