A round-up from RNZ's business desk - Trustpower makes takeover offer for King Country Energy, an employment record warning and a possible new Allied Farmers deal.
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Takeover bid for King Country Energy
Energy company Trustpower has made a takeover offer for the central North Island's power supplier, King Country Energy.
Tauranga-based Trustpower is offering $5 a share, which would value the company at $125 million, providing it receives acceptances for more than 70 percent of King's shares.
If the acceptances fall short, Trustpower will pay just $4.78 a share.
King Country's major shareholder, Todd Corporation-owned Nova Energy, has already entered into an agreement to sell its 54 percent stake to Trustpower.
The chief executive of Trustpower, Vince Hawkesworth, said King Country's five hydro generation stations and 17,500 customers were a good fit with Trustpower.
King Country's other shareholders include a consumer trust which holds just under 20 percent.
New private education group formed
A new private education group, Aspire2, combining five private education businesses, has been formed and funded by Australian private equity firm Archer Capital.
The new company brings together the NZ Tertiary Education Group, Queens Academic Group, Safety-n Action, Solomon Group and National Tertiary Education Consortium.
Employment records warning
The Ministry of Business, Innovation and Employment is reminding employers they need to keep accurate employment records or face enforcement action and penalties.
The warning comes after a spate of employment court cases that have seen small companies fined thousands of dollars for not keeping accurate time, wage and leave records.
Possible new Allied Farmers deal
Rural services and finance group Allied Farmers is to buy just over 9 percent of Stockmans Holdings for $1 million.
A valuation report by Campbell MacPherson indicates the price is within the valuation range.
The deal is subject to the approval of Allied Farmers' shareholders.
