Selwyn Cushing's Vertex stand pulled as other bidders wade in

Sir Selwyn bid through JB Were at $1.45 per share, a 9.8 percent premium on yesterday's closing price of $1.32 and acquired 2.6 million shares, or 8 percent.

JB Were terminated the stand after it was overbid by ABN Craig & Co and UBS Warburg, which were bidding at $1.46 and $1.47.

The stand valued Vertex at $46.5 million.

JB Were chief executive Clark Perkins said the Vertex register was quite widely spread with many small holders so it was difficult to fill the order immediately.

Vertex shares listed in July last year at $2.05 each but fell sharply in September after it controversially issued a profit warning not too long after listing.

Vertex emerged from Carter Holt Harvey's plastics packaging business. Its most recognisable products include containers for Tip Top brand ice cream and Fresh 'N Fruity yoghurt. The company also makes recycling bins and exports animal health applicators.

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