06/12/2011 - 09:42

Elphinstone surrenders hold on National Hire

06/12/2011 - 09:42

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Elphinstone surrenders hold on National Hire

Seven West Media has completed its takeover of National Hire Group, after Tasmanian Caterpillar dealer Dale Elphinstone relinquished his 21.9 per cent stake in the company for around $122 million.

The Kerry Stokes-chaired Seven West had to increase its bid to $3.75 per share to convince Mr Elphinstone to take it up, after the takeover was originally launched in September at $3.00 per share.

Seven West upped that first offer to $3.35 per share late last month after it became clear Mr Elphinstone and National Hire’s three independent directors would not accept it.

One of those directors, Stephen Donnelley, said he was pleased to achieve an offer price well above Seven West’s original bid.

“Seven’s final offer price of $3.75 is within the independent expert’s value range and I believe it represents an attractive price for National Hire shares,” Mr Donnelley said.

“Given Seven can now compulsorily acquire National Hire shares, remaining National Hire shareholders should accept into Seven’s offer to receive earlier payment for their shares.”

Seven West now holds 98.7 per cent of National Hire’s shares, and will compulsorily acquire the remainder it does not already own for $3.75 per share.

Seven West has previously announced plans to delist the company from the Australian Securities Exchange.

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