We'll update this post as more information comes to hand, including Hide's statement to the media.
Don Brash is poised to take over as leader of the ACT Party after Rodney Hide announced his decision to resign today.
At a press conference in Newmarket currently underway, Brash joined Hide for the announcement.
Hide said he had decided to resign in the best interests of the party and believed Brash was the best person to lead ACT into the election.
He had informed Prime Minister John Key last night and there would be a caucus vote. He would support Brash in that vote.
Brash said: "Let me say a few words about Rodney," to which Hide replied: "You might have said enough".
Brash said he and Hide had been friends for more than 15 years.
"In the last week or so I put our friendship to very considerable strain...I'm very conscious of that."
Brash said that sometimes in politics personal relationships had to be put aside.
More to come ...
UPDATE#2 - The tributes are pouring in - this, from Twitter:
greencatherine Catherine DelahuntyHollow man recycled to save Act!