Shares in Xero topped $20 apiece when trading opened today, valuing the cloud-based accounting software developer at $2.38 billion, more than casino and hotel operator SkyCity Entertainment Group and dominant pay-TV firm Sky Network Television. The shares rose 2.5 percent to $20.20, a new intraday record, after the Wellington-based company announced yesterday that it raised $180 million in new capital, …

Fisher Funds Management, which took over Tower Investments earlier this year, says a takeover bid for Abano Healthcare Group undervalues the specialist medical investor. Abano is facing a potential takeover bid by biggest shareholder and former director Peter Hutson, Australian private equity firm Archer Capital and investor James Reeves, valuing the firm at about $131.4 million, though no formal offer …

Infratil, the Wellington-based infrastructure investor, has agreed to sell Manston Airport in the UK for 350,000 British pounds to Stagecoach Group co-founder Ann Gloag and her brother Brian Souter. Infratil agreed to sell the airport for 1 pound plus adjustment for working capital variances and cash injected by Infratil, the company said in a statement. The latest sale comes after …