6 Oct 2014

Dorchester gains controlling stake in Turners

7:12 am on 6 October 2014

Dorchester Pacific now owns just over half Turners Auctions, having lifted its stake from 41 percent.

Dorchester's takeover offer for the car auction company of $3 per share in cash, or bonds, or shares in Dorchester, or a mix of all three, values Turners at $82 million.

Chief executive Paul Byrnes said he was pleased the company was able to gain control of Turners so quickly, but was not sure how many shareholders would accept the offer.

He said typically acceptances in a takeover come in in the last few days. Mr Byrnes said of the acceptances that have come in there has been quite a significant take-up in the shares and bonds.

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