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New Plymouth Mayor challenges $620m TSB-Heartland merger
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New Plymouth Mayor challenges $620m TSB-Heartland merger
New Plymouth Mayor Max Brough has called a public meeting to challenge the consultation process behind the proposed $620 million sale and merger of community-owned TSB to Heartland Bank. Brough argues the Toi Foundation, TSB’s 100% owner, should have consulted the community earlier rather than presenting a near-complete deal with a complex payment structure involving cash, equity, debt and a $264 million vendor loan. The move followed a petition…
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