Nuplex achieves takeover of APS

Auckland-based Nuplex now has 92.49 percent of APS. Its takeover condition was 90 percent which means it can compulsorily acquire the rest.

Just under a fortnight ago, rival bidder Symex Holdings Ltd conceded to Nuplex's raised offer of A74c ($NZ86.91c) a share and sold its 19.9 percent stake. It originally offered A70c but changed its bid two weeks ago. The offer closes today.

Nuplex, with a market value of $185 million, wants to buy APS to strengthen its position as Australasia's largest manufacturer of resins for coatings, adhesives, composites and paper.

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