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Article: Allied Farmers plough into 'friendly' takeover of Prime

Article from:
The Press
Article date:
March 24, 2006
Author:
Copyright

Taranaki firm Allied Farmers is poised to swallow up Wellington's Prime Finance after launching a "friendly" takeover.

Yesterday, Allied Farmers said it had entered into a conditional lock- up agreement to buy a 51.9 per cent stake in Prime. The lock- up becomes unconditional on April 5.

The offer price would be 280c a share, valuing Prime at $15.6 million.

Allied Farmers chairman John Loughlin said its finance arm had been growing "sensibly" for some time and provided counter-cyclical income from its farming businesses. "It's an area we wanted to grow and we felt the next stage of growth had to come from acquisition, rather than simply growing it organically. It's a big jump, but it's ...

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