China's Zhejiang Rifa Holding Group Co. Ltd (RIFA) has submitted a takeover bid for New Zealand cargo, MRO, and passenger charter specialist, Airwork Holdings.
The investment firm said in a statement to the New Zealand stock exchange that it had submitted a conditional partial takeover offer for 75% of the ordinary shares in Airwork Holdings, for NZD5.40 (USD3.89) per ordinary share, or NZD203 million (USD148 million) in total. Airwork is considering the offer.
A formal takeover notice is expected on or prior to Friday, October 7, 2016.
Airwork Holdings entails Airwork NZ (Auckland International), Heli Holdings Ltd, Airwork Flight Operations (AWK, Auckland International), and Inflite Charters (Auckland International).
