Augusta Capital pushes to accept Centuria Capital Group (ASX:CNI) offer

Company News

by Rachael Jones

Centuria Capital Group (ASX:CNI) has received a nod for its bid for New-Zealand-based property manager.Augusta Capital.

The Augusta Independent Directors Committee has unanimously recommended that, in the absence of a superior offer, Augusta shareholders should accept the Centuria Offer for all their Augusta shares.

Centuria seeks acceptances to the Centuria Offer to take Centuria’s shareholding in Augusta to 90 per cent or more to enable it to merge the businesses efficiently and create an $8.9 billion Trans-Tasman funds management platform.

Centuria Capital Group already holds a 23.3 per cent stake in Augusta.

Centuria Capital Group (ASX:CNI) are trading 0.3 per cent higher at $1.66.