Tuesday 14th February 2012 2 Comments
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George Kerr’s Australasian Equity Partners No. 1 LP has extended its takeover offer again, pushing the closing date out two weeks as his interest in the company tops 65 percent.
The offer now closes on March 30 and won’t be extended again, Kerr said in a statement to the NZX. He is offering 37 cents a share for the company and is in the process of installing his own directors on the board.
Shares of Pyne Gould last traded at 36 cents, valuing the company at $78 million. Kerr today declared his offer unconditional. He argues the company’s profile has changed since the divestment of its Marac Finance arm, and the remaining assets will take longer to realise. Dividends are unlikely any time soon. He reiterated his comments today.