By NZPA
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Wednesday 12th March 2003 |
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PPCS increased its stake from 55.53 percent after picking up about 8 percent from Hawkes Bay businessman Graeme Lowe yesterday as it upped its offer from $3.05 to $3.11 per share. The new offer is also open to those who have already accepted PPCS' previous price.
Richmond shares closed 13 cents higher at $3.08 today.
The deal to buy Mr Lowe's 3.26 million shares creates even more of a tightrope in the hostile takeover battle, which is still subject to Court of Appeal hearings due to start on July 28.
It means that PPCS is about halfway to the level of acceptances it needs to gain control of the crucial shares that are not covered by High Court orders on forfeit and loss of voting rights.
There are 19.8 million shares in this category, of which PPCS now has just under five million. It needs about 9.9 million.
Other parties with commercial relationships with Richmond are believed to own up to 7 million shares .
The biggest of those, British meat chain Bernard Matthews, said yesterday that no decision had been made yet.
"Price is not the issue for us, and until we have good reason to change our minds, we're staying as we are," chairman Norman McRae said.
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