The New Zealand general election on Saturday is likely to mean that shareholders in Wilson & Horton will delay selling their shares to IPCL, the Independent Newspapers takeover vehicle, until after the election, local analysts have said.

On the New Zealand stock market, IPCL was able to buy just 60,000 shares on the first day of the offer period, with most of the turnover in W & H involving investors buying W & H shares to exchange for IPCL preference shares.

BOW - which is acting on behalf of IPCL - said that there had been a high level of interest in the preference shares because of its perceived higher value - NZ$ 12 compared to the NZ$ 11 cash offer.