Pushpay shares were trading at $1.28 a share when the trading halt was placed at 12.58pm.(file image) Photo: 123RF
Shares of mobile donations company Pushpay have been placed in a trading halt ahead of Friday's crunch takeover vote.
The share market regulator NZ RegCo said the trading halt was put in place pending the release of an announcement from Pushpay relating to proxy votes for its shareholder meeting on Friday.
The company is subject to a $1.5 billion takeover offer from its two biggest shareholders, which was backed by Pushpay's board.
Pushpay shares were trading at $1.28 a share when the trading halt was placed at 12.58pm.
Some institutional investors have recently publicly voiced their disapproval for the $1.34 a share offer.
ACC, ANZ, Fisher Funds and Nikko Asset management - who between them owned about 12 percent, planned to vote no to the offer, which they said was too low.
The Shareholders Association was also against the offer.
NZ RegCo said the trading halt would remain in place until the release of the announcement or market open on Thursday.
For the takeover to succeed, 75 percent or more of the votes cast in each interest class must be voted in favour; and more than 50 percent of the total number of Pushpay shares on issue must be voted in favour.
