NGC told the NZSX this morning that Vector now held about 69.51% of NGC, compared with the 67.21% held before Vector officially launched its takeover bid on July 11.

But a flood of acceptances is expected soon from NGC’s estimated 15,000 minority shareholders, and institutions which have been snapping up NGC shares on-market, as the August 10 closing date looms larger.

The associated NZ$593 million Vector IPO is also expected to become a scramble as institutions, current Vector bond holders and customers of the Auckland Electricity Consumer Trust that currently owns Vector fight for the chance to participate in New Zealand's biggest IPO for six years. Little is expected to be left for the general public.

Vector is paying NZ$3.40 for each NGC share it does not already own – NZ$0.78 in cash and the rest in new shares that will have an issue price of NZ$2.62.

The capital bond and AECT offers close on August 1 and August 10 respectively, while the public offer closes on August 24. Vector shares are expected to start trading from August 26.