By NZPA
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Tuesday 14th January 2003 |
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PPCS launched its bid a week ago and, if successful, it will make PPCS the country's largest meat company.
Chief operating manager Keith Cooper, in Hawke's Bay this week to open the company's first North Island office, said PPCS had no intention of increasing its takeover offer for Richmond beyond $3.05 a share.
"The takeover will go out, as announced," he said.
PPCS hopes to have the documentation for the takeover in shareholder hands by Wednesday next week.
Mr Cooper said the company was not going back to the court.
"PPCS wants to get it commercially resolved so it can get on and deliver the benefits that the takeover can achieve," he said.
The South Island company's chances of success were sharply diminished last week when Hawke's Bay leather processor Graeme Lowe paid nearly $10 million for a blocking shareholding in Richmond to protect his interests in the face of the unsolicited takeover bid.
Mr Lowe controls 3.78 million shares, representing 9.96 percent of the voting capital in Richmond when the 6.86 million shares the High Court ordered PPCS to forfeit in November are taken into account.
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