Mystery PDL suitor unmasked

Friday 2nd March 2001

By Chris Hutching

A mystery bidder for PDL Holdings was revealed yesterday as Singapore's Clipsal Industries after shares in the electrical goods supplier took off earlier in the week.

As The National Business Review went to press the shares were trading at $6.50, up from $3.90 on February 9 before buying interest was sparked with a $5.20 per share offer from French-based Schneider Electric Industries. By this week's end Schneider had nearly reached its stated target of 19.9% of PDL.

Meanwhile, the previously unknown bidder, Clipsal, has built up a stake of more than 5%, according to PDL. Clipsal has yet to declare the actual number of shares it holds.

The future of PDL Holdings as a listed company looks less certain as minority shareholders take the opportunity to cash up. The ultimate future of the company lies with the Christchurch-based Stewart family which controls about 60% of the capital.

After the retirement of PDL founder and president Sir Robertson Stewart, his son Mark Stewart took over as managing director. He was overseas yesterday but in frequent contact with other members of the family over the developments.

PDL enjoyed annual sales of $350 million in the year to March 2000 and also owns subsidiaries in Australia that would be attractive to the bidding companies.

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