Rumours of new Hanover bid greatly exaggerated

The NZ Herald reported this morning that a second bid was in the wings and that it would be from a well-known and "trusted" company which had a track record of doing the right thing for investors.

Sources within Hanover have told depositrates.co.nz that Allied is the only company which has done due diligence on the finance companies assets.

It would be highly unlikely that a company would make a bid like Allied Farmer's without doing due diligence.

Hanover has put out a statement saying Allied Farmers have done extensive due diligence.