NZ's Lyttelton Port Recommends Offer, to Pay Special Dividend

The board of New Zealand's  Lyttelton Port Co. Ltd recommended minority shareholders accept an offer of NZ$3.95 a share offer from the commercial arm of the Christchurch city council.

The board backed the offer from Christchurch City Holdings Ltd, which controls 95.1 percent of the port company, after it secured the stake of the second biggest shareholder early last month. The port company's board said it would pay a special dividend of 20 cents a share.

(Reporting by Gyles Beckford; Editing by Michael Perry)