Takeover bid for VINZ
A multinational vehicle inspection company is making a full take-over offer for Vehicle Inspection New Zealand (VINZ), valuing it at $4 million.
JevicNew Zealand is offering $1.65 per share for VINZ, an unlisted company on the Unlisted trading platform with more than 100 shareholders, many of whom are connected to the motor industry.
Japan-based Jevic is a privately-owned global vehicle inspection group and has been operating in New Zealand since 2001, providing vehicle inspection and border compliance services.
It inspects and manages pre-shipment inspection of 55,000 vehicles coming into New Zealand each year, contracting to government agencies and vehicle importers.
It is making the offer at a time when the Government is considering changes to vehicle testing and the industry faces consolidation.
Jevic New Zealand chief executive Euan Philpot says his company is keen to expand in New Zealand.
"With our market share in Japan and worldwide we believe it's actually quite a strategic time to take the company on."
Mr Philpot says Jevic is waiting to hear what the Government announcement is with respect to licensing reform and there is still a lot of work to do in terms of getting access to VINZ books and working with their management teams to develop some plans for moving forward.
He says the intention is to keep VINZ and Jevic New Zealand as two separate companies.
Jevic's take-over offer will be sent to shareholders in early January and is conditional on Jevic receiving acceptance of more than half the equity securities in VINZ.
Jevic and associated parties have already acquired 18.5% of VINZ.
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