AMP Henderson accepts PRG price

By Phil Boeyen, ShareChat Business News Editor

Tuesday 26th March 2002

Pacific Retail Group (NZSE: PRG) is set to succeed in its bid for Bendon (NZSE: BEN) after major shareholder and bidding rival AMP Henderson Global Investors said it would sell into the offer.

AMP Henderson had previously been part of a consortium offer along with Bendon boss Hugo Venter to buy the lingerie trading subsidiary, Bendon Limited.

However the independent directors at Bendon were not happy with the partial bid and instead chose to recommend Pacific Retail's full offer for the company, even though the AMP/Venter consortium price was higher.

Shareholder acceptance of the PRG offer for $1.90 per share reached 49.33% yesterday with a further day of acceptances still to be processed. The offer is due to close at 5pm today.

AMP Henderson managing director, Catherine Savage, says that following the unsuccessful bid by Intimate Brands it considered the different options available and the high acceptance level of the PRG offer.

"As a result we have decided the best way to realise value in Bendon for our investors is to sell our full holding of 26% into the offer."

PRG's offer becomes unconditional on reaching 50% of acceptances and the company can move to compulsory acquisition once it has 90% of the votes.

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