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>Arvida Group (ARV) turned down a highly conditional non-binding NZ$1.70 per share takeover bid from an offshore infrastructure fund in September.</li><li>The bid represented a ~+36% premium to its September price of ~NZ$1.25 (~+89% premium to its last undisturbed price of NZ$0.90).</li><li>ARV said it has no reason to believe anything further will proceed from this bid; there is a big step between a firm offer and a highly conditional unsolicited non-binding bid.</li></ul>

Arvida Group (ARV) turned down a highly conditional non-binding NZ$1.70 per share takeover bid from an offshore infrastructure fund in September.The bid represented a ~+36% premium to its September price of ~NZ$1.25 (~+89% premium to its last undisturbed price of NZ$0.90).ARV said it has no reason to believe anything further will proceed from this bid; there is a big step between a firm offer and a highly conditional unsolicited non-binding bid.

Arvida Group - M&A to the Fore ARV Not Considering Offer