The Auckland-based energy networks company told the NZX this afternoon that documentation would be posted to all shareholders this coming Friday and that the offer would be a cash one of NZ$2.91 (being the original NZ$3.00 per share offer less the special dividend of NZ9c paid by NGC on November 3).

Vector chairman Michael Stiassny said the offer was still conditional on gaining Commerce Commission approval. Given the timing of the offer Vector had decided to close it after the festive season, on February 6.

The offer also includes a special prompt payment feature which will see payment made to NGC shareholders within three days of accepting the offer.

Stiassny said it was disappointing a recent Takeover's Panel ruling would mean no preferential treatment for NGC's minority shareholders – an allocation of shares in any future Vector IPO as originally proposed in Vector's takeover notice of November 19.

"Despite that, we believe this is still a good offer and are confident it will be viewed favourably by NGC's independent directors given the price represents an 11% premium over the volume-weighted average share price for the six-month period prior to the date of the agreement reached with AGL in October."

In October Vector announced it was buying AGL’s 66.05% shareholding in NGC for NZ$3.00 per share, less any dividend paid by NGC prior to completion. However, the takeovers panel first declined to allow Vector to buy the AGL holding company which owned most of AGL’s stake in NGC, it then declined to allow any preferential treatment for minority shareholders in next year’s planned Vector IPO.