Sharechat Logo

AMP Henderson accepts PRG price

By Phil Boeyen, ShareChat Business News Editor

Tuesday 26th March 2002

Text too small?
Pacific Retail Group (NZSE: PRG) is set to succeed in its bid for Bendon (NZSE: BEN) after major shareholder and bidding rival AMP Henderson Global Investors said it would sell into the offer.

AMP Henderson had previously been part of a consortium offer along with Bendon boss Hugo Venter to buy the lingerie trading subsidiary, Bendon Limited.

However the independent directors at Bendon were not happy with the partial bid and instead chose to recommend Pacific Retail's full offer for the company, even though the AMP/Venter consortium price was higher.

Shareholder acceptance of the PRG offer for $1.90 per share reached 49.33% yesterday with a further day of acceptances still to be processed. The offer is due to close at 5pm today.

AMP Henderson managing director, Catherine Savage, says that following the unsuccessful bid by Intimate Brands it considered the different options available and the high acceptance level of the PRG offer.

"As a result we have decided the best way to realise value in Bendon for our investors is to sell our full holding of 26% into the offer."

PRG's offer becomes unconditional on reaching 50% of acceptances and the company can move to compulsory acquisition once it has 90% of the votes.

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
Pacific Retail extends Bendon offer
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