Manawa Energy Ltd

MNW: XNZE (NZL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	NZD 1.90	Bbnwxyg	Nvznxsdk

Manawa Energy: Contact Proposes Sensible Merger, Regulator the Main Obstacle

Adrian Atkins

Sep 11, 2024

Narrow-moat-rated Manawa Energy has received an attractive takeover offer from larger peer Contact Energy. The offer consists of 0.5719 Contact shares (worth NZD 4.82 at Contact’s current price) plus NZD 1.16 in cash per Manawa share. The total value of NZD 5.98 is close to our unchanged fair value estimate of NZD 6.10 per share and represents a generous 48% premium to yesterday’s closing price. Directors unanimously recommend the offer in the absence of a superior proposal and subject to a positive recommendation from the independent expert.

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