The sale of Terralink, the former map-making state-owned enterprise, now in receivership, will probably not happen for as long as another six weeks, receiver Gary Traveller of PricewaterhouseCoopers said last week.
“We have a lot of potential buyers interested,” including some overseas prospects, he says. “And there are registrations of interest still coming in.”
He estimates it will be two weeks (from last Thursday) before a short-list of proposed buyers can enter a due diligence process, and then it could be a further month before a sale is made final.
This length of time is “quite usual” for a receivership sale, says Traveller. “If anything is delaying it in this case, it’s the involvement of international investors.” Tracking down the right contact, establishing bona fide interest, then sending the requisite documents understandably takes more time than for New Zealand companies, he says.