Another suitor stakes out Richmond

Southland-based North Meats Limited has given notice that it may seek to acquire 60% of Richmond at a price between $2.70 and $3.24 a share in either on or off-market transactions.

The price is the same as that being offered by Dunedin-based farmer cooperative PPCS.

North Meats says those expected to acquire a relevant interest in shares include itself, its subsidiaries and related companies and its ultimate parent company, Bernard Matthews Holdings Ltd and its subsidiaries.

The North Meats offer is due to begin on June 6 while PPCS can begin buying shares from the end of this week.

Earlier today Richmond said that it will comfortably exceed its forecast full-year net profit of $19.4 million and that trading for the two key months of April and May had been above budget.

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