A flurry of meetings is under way at Capital Properties in Wellington as a special taskforce of the listed landlord's directors meet to discuss AMP's surprise takeover offer.
Sunday, September 25th 2005, 6:59AM
by The Landlord
But the directors' deliberations on the merits of the deal will not be out this week.
Under the Takeovers Code, Capital has 30 days to respond to AMP's move, although Capital is expected to move faster than that because AMP's offer opens next Friday.
Capital directors James Ogden, Michael Cashin and Peter Coote were this week in a series of discussions with chief executive Chris Gudgeon over the surprise swoop by Stephen Costley's unlisted $591 million AMP Property Portfolio.
Costley said on Thursday he would mount his full cash offer within the fortnight.
Director Tony Frankham was overseas when Costley swooped but is also on Capital's newly-formed independent committee, specially convened on the heels of the offer.
