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- Release Date: 28/11/13 19:20
- Summary: TAKEOVER: ABA: Archer/Hutson/Reeves Consortium Withdraws Their Proposal
- Price Sensitive: No
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ABA
28/11/2013 17:20
TAKEOVER
REL: 1720 HRS Abano Healthcare Group Limited
TAKEOVER: ABA: Archer/Hutson/Reeves Consortium Withdraws Their Proposal
Abano Healthcare Group Limited (NZX: ABA) announces that it has been made
aware through the media that the Archer/Hutson/Reeves consortium has
withdrawn its indicative non-binding and conditional proposal to acquire all
of the shares in Abano.
As advised at Abano's 2013 annual meeting held on 26 November 2013, the
indicative and conditional price of $7.80 a share, which was provided
verbally by an adviser to the consortium, was materially below the value
range assessed by Grant Samuel in its independent valuation report of $8.30
to $10.05 per share for full control of the company. A copy of that report is
available on Abano's website www.abano.co.nz.
The consortium's media release also states that the consortium members will
now unwind the exclusivity deed under which interests associated with Peter
Hutson and James Reeves had agreed not to sell their Abano shares.
The Abano Board is pleased that the Archer/Hutson/Reeves consortium has
withdrawn its undervalued proposal, which has been the cause of significant
distraction and cost for the company. The consortium's media release contains
a number of inaccurate and misleading statements; however, as the consortium
has withdrawn its interest, Abano does not propose to address these matters
at this time.
ENDS
End CA:00244469 For:ABA Type:TAKEOVER Time:2013-11-28 17:20:20
