WELLINGTON, New Zealand--Z Energy Ltd. said its board has recommended shareholders vote in favor of a takeover offer from Ampol Ltd. that values the gasoline retailer at 1.97 billion New Zealand dollars ($1.37 billion).
Z Energy, one of the largest fuel retailers in New Zealand, said shareholders would receive NZ$3.78 a share in cash as well as part of its interim dividend, giving an overall value of NZ$3.83 a share for the takeover proposal.
The takeover also requires approval from New Zealand's competition regulator and its overseas investment regulator.
Write to Stephen Wright at stephen.wright@wsj.com
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October 11, 2021 at 02:43AM
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