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Pacific Retail extends Bendon offer

By Phil Boeyen, ShareChat Business News Editor

Tuesday 26th March 2002

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Pacific Retail Group (NZSE: PRG) has added a further two weeks to its takeover offer for Bendon Group (NZSE: BEN) after reaching the minimum acceptance level.

The offer at $1.90 per share was due to close at 5pm today but will now close on Tuesday, April 9, at 5pm.

In a letter to Bendon shareholders PRG says that it has received acceptances in respect of voting securities in Bendon that, when taken together with voting rights already held or controlled by Pacific Retail Apparel, confer more than 50% of the voting rights in Bendon.

"Accordingly, the minimum acceptance condition (clause 5) of the offer is satisfied. There are no other conditions to the offer requiring a minimum level of acceptances."

Earlier on Tuesday AMP Henderson Global Investors, which owns 26% of Bendon, said that it would be accepting PRG's offer of $1.90 per share.

AMP Henderson had previously been part of a consortium with Bendon MD Hugo Venter that wanted to buy the trading arm of Bendon Group.

However managing director, Catherine Savage, says that following the consortium's unsuccessful bid it decided the best way to realise value for its investors was to sell the full stake into the PRG offer.

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