Nuplex extends takeover offer for Asia Pacific Chemicals

Nuplex said in a statement to the stock exchange today that it would extend the deadline for its offer to shareholders to July 12, from June 24.

Nuplex is seeking to buy APS for 70 Australian cents per share. The offer has received approval from the Australian Foreign Investment Review Board.

Nuplex owns 11.5 percent of APS' shares and will stymie an offer from rival Symex, which is conditional on receiving acceptances for at least 90 percent of the shares.

Nuplex said on Friday it has raised $75 million from its capital notes issue to fund its $A47 million ($NZ56 million) takeover offer.

The bid looked as though it might come unstuck earlier this month, with Nuplex claiming APS' response to the takeover offer was inadequate.

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