Steel & Tube Holdings Ltd goes to its annual meeting next Thursday with Fletcher Building Ltd no longer bidding for a takeover, and an asset manager replaced by NZ Steel Ltd as a large shareholder.
NZ Steel is owned by BlueScope Steel Ltd, of Australia.
NZ Steel’s $45.8 million acquisition of the 15.3% of Steel & Tube controlled by Milford Asset Management Ltd, at $1.7465/share, means Milford private equity investment director John Johnston is no longer standing for election to the board.
16 October 2018: Fletcher gets miffy over Steel & Tube time to get advice, pulls what was only ever a “non-binding & indicative offer”
Attribution: Company releases.