NZ sharemarket down 0.1% amid takeovers
The S&P/NZX 50 Index fired up late morning on the two takeover approaches and then had a sharp fall in the end-of-day broker matching session to close at 12,309.91, down 15.7 points or 0.13%.
There were 55 gainers and 83 decliners over the whole market on volumes of 56.52 million share transactions worth $135.84m.
Arvida – the board is unanimously backing a $1.2 billion offer from New York-based infrastructure investment firm Stonepeak – dominated the trading with 18.32m shares worth $29.3m changing hands.
Stonepeak, with US$71.2b assets under management, is offering $1.70 a share for a 100% of Arvida – a 65% premium to the Friday close of $1.03 – and Arvida surged 58c or 56.31% to $1.61.
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