Sharechat Logo

Pacific Retail extends Bendon offer

By Phil Boeyen, ShareChat Business News Editor

Tuesday 26th March 2002

Text too small?
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.

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Preston takes over Bendon top job
Bra business will lift PRG's profile
AMP Henderson accepts PRG price
Bendon shareholders advised to take PRG offer
Pacific Retail plans $20M rights issue
Pacific Retail offer has Bendon backing
PRG sticks by Bendon price, extends offer
PRG makes Bendon offer official
Bendon bid timetable unchanged
PRG makes Bendon takeover offer