New Zealand fuel distributor Z Energy has issued the scheme booklet and notice of meeting in relation to the proposed acquisition by Ampol by way of scheme of arrangement.
The scheme booklet includes an independent adviser’s report on the merits of the scheme.
Z Energy board chair Abby Foote said that its directors maintain the view that the scheme for the proposed acquisition by Ampol at NZ$3.76 per share, represents a fair value and is in the best interest of shareholders.
Z appointed Calibre Partners to conduct the independent assessment of the offer.
Calibre assessed a valuation range for Z shares to be between NZ$3.54 and $4.07 per share, meaning the consideration of NZ$3.76 per share sits centrally in the IAR range.
“The Z board of directors unanimously recommend shareholders vote in favour of the scheme, in the absence of a superior proposal, and consider the scheme to be in the best interests of Z shareholders,” Foote said.
The scheme remains conditional on achieving shareholder approval and Overseas Investment Office consent, as well as clearance from the NZ Commerce Commission.
The meeting is scheduled to be held on March 25, 2022.
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