Wednesday 16th March 2011
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A letter from Hong Kong investment company Zuellig Group indicated no pricing or any other terms of a potential offer for PGG Wrightson, the New Zealand rural servicing company says.
PGG Wrightson said it had been approached by Zuellig, which had indicated an interest in purchasing a 19.9% stake in PGG Wrightson as an alternative transaction to the current 50.01% bid by Agria Corp which expires on April 15.
PGG Wrightson yesterday received a letter from Zuellig reiterating that desire, and outlining a range of other potential transactions.
"The expression of interest from Zuellig did not indicate any pricing or any other terms of a potential offer. To date, the approach from Zuellig seems to have a primary motivation of frustrating the Agria offer," PGG Wrightson said today.
In the absence of details, and any other material to establish the substance of a potential offer, the independent directors were not able to recommend that shareholders take the possibility of an offer from Zuellig into account when considering their response to the Agria offer, PGG Wrightson said.
The independent directors would promptly advise shareholders should that position change.
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