Taranaki locals lose battle to block TSB sale to Heartland. Deal to continue progressing as planned
A New Zealand High Court judge has dismissed an attempt by a community group to block the sale of TSB bank to Heartland Group Holdings. Despite the ruling, Kiwi Group Capital continues to lobby for its own competing offer, leaving the final decision to the bank's trustees.
Why it matters
The case highlights the complexities of community-owned assets and the legal challenges involved in corporate acquisitions of local institutions.
A High Court judge has delivered a decision on an interim injunction application aimed at impeding the sale of TSB to Heartland.
Kiwi Group Capital is making an eleventh hour push for TSB’s owner to consider its “superior” offer to buy the bank, before selling it to Heartland Group Holdings.
The renewed call follows a High Court judge dismissing a Taranaki community group’s bid to stall the sale of their local bank.
It also comes the day before the trustees of the charitable trust that owns TSB, Toi Foundation, are due to vote on progressing the Heartland deal.
In June, Toi agreed to sell TSB for $620 million to NZX/ASX-listed, Heartland. The proposal was for Toi to reinvest in the bank so that it had a 17.5% shareholding.
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