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Masthead
Masthead investment in Abano Healthcare Group Limited
In October 2006, Masthead Portfolios Limited acquired a strategic 19.9% cornerstone stake in Abano Healthcare Group Limited. In October 2007, Masthead launched a partial takeover offer for 38.85% of the shares it did not hold in Abano. Following announcement of Masthead's partial offer, the share price increased substantially and a competing full takeover offer was launched by an Australian private equity firm. After the lapse of the partial offer, Masthead sold its stake to Healthcare Industry Limited (a company associated with the minority shareholders in Abano's audiology subsidiary, Bay Audiology Limited) in January 2008 for a price well above the price paid in October 2006. Mayne Wetherell advised on the initial acquisition, the partial takeover and the successful divestment of Masthead's 19.9% stake.
Takeover of Vertex
In September 2004, Masthead purchased a 19.9% stake in New Zealand's biggest plastics company, Vertex from high profile investor, George Gould. Vertex was listed on NZX. Mayne Wetherell acted for Masthead in relation to the acquisition. After several months of boardroom hostilities Masthead launched a full takeover for Vertex which was successful and completed in mid July 2005. Vertex has now been delisted. Mayne Wetherell advised Masthead on the takeover. |
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