New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Contact Energy (CEN) has made a takeover bid for Manawa Energy (MNW) at an effective price of NZ$5.95, a +48% premium to MNW's last closing price and +20% premium to our MNW valuation.</li><li>The deal makes strategic sense, but the offer price is full and will require CEN to deliver on synergy benefits to create value.</li><li>With MNW directors and major shareholders Infratil (IFT) and TECT Holdings supportive of the deal, the only hurdle of note is obtaining Commerce Commission (ComCom) clearance. </li></ul>

Contact Energy (CEN) has made a takeover bid for Manawa Energy (MNW) at an effective price of NZ$5.95, a +48% premium to MNW's last closing price and +20% premium to our MNW valuation.The deal makes strategic sense, but the offer price is full and will require CEN to deliver on synergy benefits to create value.With MNW directors and major shareholders Infratil (IFT) and TECT Holdings supportive of the deal, the only hurdle of note is obtaining Commerce Commission (ComCom) clearance. 

Contact Energy - Time to Contact the ComCom