AMP rules out Capital takeover
AMP appears to have ruled out a takeover bid for Capital Properties, saying it expects its existing stake in the Wellington company to provide handsome returns.
Monday, May 23rd 2005, 4:16AM
by The Landlord
Last week, AMP Property Portfolio made a stand in the market for just over seven per cent of Capital Properties at $1.35 a share, compared with the previous trading price of $1.26. The latest play comes just two months after AMO built an initial 10 per cent stake in the company at the same price.After AMP's latest offer closed, Capital's share price settled back to $1.31.
AMP Property Portfolio general manager Stephen Costley said the company did not intend to increase its stake in the near future.
When asked if AMP could make a full takeover offer for Capital at some stage, Costley said: "We have no ambitions around that at the moment."
However, he is bullish about Capital's prospects.
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