More possible twists in Sir Selwyn's latest takeover bid

Tuesday 22nd June 2004

The battle for control of Rural Equities Ltd is looking like shaping up into an even more interesting battle in the next couple of days.

A company related to Sir Selwyn Cushing, H & G Limited, launched a partial takeover bid for REL and, when its holdings are combined with "certain associates" aims to have 50.1% of the company.

REL, split off from Williams & Kettle last year, manages the New Zealand Rural Property Trust and also owns 32% of the trust.
After H&G's bid was initially made Wellington-based St Laurence Group entered the fray and launched a hostile bid for REL at a higher price.

This move forced H&G to up its offer from $1.25 to $1.50 per share.

H&G said in a statement yesterday that "it is well-positioned to secure a partial takeover".

It said it had "received acceptances to date in excess of the required amount."

However, the takeover isn't done and dusted as it is conditional upon approval being obtained allowing H & G to make the offer.

Also sources suggest St Laurence may up the stakes by offering a higher price yet again.

The H & G offer, which is open until July 8.

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