23 Sep 2012

Stiassney wants FMA to stop 'low ball' bids

1:22 pm on 23 September 2012

Vector chairman Michael Stiassney wants financial regulators to be given more power to stop "low ball" offers that prey on unsuspecting investors.

The Auckland-based network company is the target of Australian based, Stock and Share Trading, which is offering investors $1 a share for their holdings, compared with the market price of $2.85 each.

Mr Stiassney says the Financial Markets Authority is doing all it can to deter such offers, but cannot stop them occuring.

He says that if Parliament needs to pass laws to give it the authority it needs, then this should happen urgently.