Hill family seeks controlling stake in Michael Hill

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.

NZPA

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