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Hill family seeks controlling stake in Michael Hill

Monday 20th December 2010

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An Australian company set up to consolidate the holdings of shares in Michael Hill International held by the Hill family through their family trusts is seeking a controlling stake in MHI.

The company, Durante Holdings, is a wholly-owned subsidiary of one of Hill family trusts. On consolidation it will own 182.4 million shares in MHI, representing 47.6% of all the shares.

Today Durante said it was offering to buy 5% of the shares it did not already own in MHI. That would see it buy 10m shares and would take its holding to 50.2%.

The offer price is 90c per share. MHI shares have ranged between 85c and 64c in the past year.



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