June 15 (Reuters) - Australia's Centuria Capital Group (CNI) on Monday said it intends to buy the remaining shares of New Zealand's Augusta Capital Ltd (AUG) for NZ$130 million ($83.5 million), months after pulling its previous takeover offer amid volatile market conditions.
Fund manager Centuria, which owns 23.3% of Augusta, said Augusta shareholders will receive NZ$0.20 in cash and 0.392 of a Centuria stapled security for each Augusta share - an implied offer price of NZ$1 per Augusta share.
The implied price represents a 46% premium to Augusta's last close on June 12.
Centuria in January aimed to buy 100% of Augusta with a cash and stock offer of NZ$2 per Augusta share. It withdrew the bid in March due to volatile market conditions and economic disruption brought about by the coronavirus outbreak, which caused far-reaching commercial and social restrictions.
It subsequently bought a 23.3% stake in Augusta in May via a capital raising.
Both Australia and New Zealand have since eased the restrictions and markets conditions have become relatively stable.
Augusta shares jumped as much as 40% to NZ$0.96 following Centuria's announcement. It recommended its shareholders to not take any action on the offer.
($1 = 1.5567 New Zealand dollars)
News: CNI Australia's Centuria back with a second bid for NZ's Augusta Capital
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Mkt cap ! $1.645B | |||
| Open | High | Low | Value | Volume |
| $1.98 | $2.01 | $1.97 | $738.0K | 371.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 46 | 22917 | $2.00 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.01 | 23245 | 19 |
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