29 Sep 2014

Dorchester's formal takeover offer for Turners

7:45 am on 29 September 2014

Dorchester Pacific's formal take-over offer for Turners Auctions will be delivered to the shareholders early this week, as well as an independent valuation commissioned by the car auction company

Dorchester already controls nearly 41 percent of Turners.

The financial services company will sell up to 120 million new shares to raise $30 million to help fund the $82 million take-over offer.

Dorchester has invited its existing shareholders to take part in the capital raising exercise - offering them an opportunity to buy shares at 25 cents each.

Dorchester chief executive Paul Byrnes said the offer was being made in response to shareholders' feedback at the company's recent annual meeting.

Get the RNZ app

for ad-free news and current affairs