29 Sep 2014

Turners recommends takeover offer

1:04 pm on 29 September 2014

Turners Auctions has recommended shareholders accept Dorchester Pacific's offer to take over the vehicle auction company.

Dorchester already controls nearly 41 percent of Turners.

An independent report, commissioned by Turners, says the $3 per share offer by the financial services company is within the valuation range specified by valuer Grant Samuel.

Dorchester chief executive Paul Byrnes said the company wa already receiving acceptances from Turners' shareholders.