PDL says don't sell

The company says an important notice will be made sometime before close of trade today.

PDL has been the subject of bidding from French electrical company Schneider and Hong Kong group Gold Peak industries in recent months which has pushed the shares from below $4.00 early this year to over $10.00.

The majority of the company remains held by the Stewart family and CEO Mark Stewart recently said the family was not looking to sell its holding, although Schneider is understood to be keen to build an even bigger stake than it already has.

PDL last week posted a net profit for the year ended March of $2.32 million, well down on the previous year's $4.53 million.

The lower profit comes at the tail-end of considerable restructuring at the company, including last month's announcement that it plans to move a third of its New Zealand electrical products manufacturing business to China.

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