Dunedin-based lender Motor Trade Finance has rejected all offers from at least two companies to take a stake in the company, saying "none had sufficient merit'' to take to shareholders for approval.
MTF chairman Stephen Higgs said a "market-testing process'' began after MTF received unsolicited proposals "from a number of parties'' in recent years, without naming any of the offerers.
Last year financial services and auctioneer Turners was offering $1.15 a share for 20% of MTF and Heartland Bank was offering more than $1.50 a share for 10%-20% and was interested in a full 100% takeover.
Should either have acquired more than 10%, that would have formed a blocking stake against a full 100% takeover in the future.
Mr Higgs reiterated yesterday in a market update MTF's board did not have a preference for a sale, but engaged with the offers to either culminate in a proposal to take to shareholders or to bring discussions to a close.
He said the proposal to acquire 100% of its shares "did not attach a sufficient premium'' on the share price, while the proposal to take a cornerstone shareholding was "not currently in the best interests'' of shareholders.
None of the offers had sufficient merit to develop further, Mr Higgs said.
