The boards of Trustpower and Sky Network Television have separately warned their respective shareholders to be cautious about accepting unsolicited offers for their shares.
In notices to the NZX, Trustpower described an offer from Acasta Ltd as "predatory''.
Trustpower chairman Paul Ridley-Smith said that while the Acasta offer was above the market price, the offer was
to be paid in 10 annual instalments, making it "worth less than the offer price''.
"Further, Acasta Ltd is entitled to the dividends on the shares acquired during this 10-year period and the shareholders who sell to Acasta Ltd run the risk that Acasta Ltd may default in payment during that 10-year period,'' he said in the statement.
The chief financial officer of Sky Network Television, Jason Hollingworth, said Zero Commission NZ Ltd had notified its intention to write to some shareholders with an unsolicited offer to buy their shares.
He said Zero was offering $4.57 per share.
He noted the market price was $5.09 per share as at April 21, meaning Zero's offer was "approximately 10% lower than that price''.
Both companies said shareholders should seek independent financial advice, noting that anyone who had already accepted the offer had the right to cancel the agreement for up to 10 working days after accepting.
