Pacific Retail a buyout target

By Phil Boeyen, ShareChat Business News Editor

Monday 24th September 2001

Eric Watson's Logan Corporation is offering a premium for full ownership of appliance and computer retailer, Pacific Retail Group (NZSE: PRG).

Logan is offering $1.76 for shares in the listed retail company, a 32 cent premium on Friday's closing price of $1.45 per share.

Pacific Retail Group includes the Noel Leeming, Computer City, and Bond & Bond franchises as well as finance subsidiary Pacific Retail Finance and homeware and gift chain Living & Giving.

The company has also recently launched a new-style computer mega-store called Big Byte. The first store opened in Christchurch this month with another planned for Palmerston North before the end of the year.

For the year to March the company boosted net profit by a third to $10.4 million compared with the previous year and is also expected to report an improved half-year to the end of September on the back of a reasonably buoyant retail market.

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