Richer battle for Richmond

Southland-based North Meats, whose parent company is British food giant Bernard Matthews, last week showed interest in acquiring 60% of Richmond at between $2.70 and $3.24. The price range was the same being offered by Dunedin farmer cooperative PPCS.

However on Tuesday afternoon North increased its offer to between $2.95 and $3.50, which was later matched and bettered by PPCS, who are now offering between $3.10 and $3.65.

PPCS was able to begin buying shares at the end of last week according to its restricted transfer notice while North Meats offer is due to take effect from Wednesday June 6.

Richmond, which last week announced it would comfortably exceed its forecast full-year net profit of $19.4 million, closed down 15 cents on Tuesday at $3.00.

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