News Round Up
Monday, February 26th 2007, 5:06AM
Vestar “conjures up images that have meaning for us as New Zealanders – a navigational star and the points of a compass. The principles associated with a compass – reliability, clarity of vision and sureness of direction – are exactly those which Vestar seeks to embody as a company,” it says.
Morningstar buys S&P data business
Morningstar is acquiring the Australian fund data business of Standard & Poor's Information Services, including the Market Share Report.
Morningstar says the transaction will enable it to “build further on the improvements its made over the last few years to its local fund data business, ultimately translating into enhancements to the breadth and quality of information and service we can provide.”
St Laurence questions Pen Investments
St Laurence is confident its takeover bid for St John Balanced Property Fund will achieve the 50.1% acceptance which would allow is offer to become unconditional.
St Laurence executive chairman Kevin Podmore says it is now well within reach of the target of 50.1%. This offer is battling against a competing one from Pen Investments, a company owned by the directors of the St John’s manager.
St Laurence has extended its offer saying the Pen offer has caused some confusion in the market.
Podmore questioned the motives of Pen: “I believe that both the initial and amended Pen offers were designed to block the valid St Laurence bid to acquire a 50.1% stake and in doing so secure their management contract.”
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