Partial takeover of Michael Hill unconditional

Monday 28th February 2011

The Hill family's partial takeover offer for jeweller Michael Hill International (MHI) has become unconditional, with acceptances exceeding the number of shares sought.

Late last year it was announced that Durante Holdings, an Australian company set up to consolidate the holdings of shares in MHI held by the Hill family through family trusts, wanted a controlling stake in the company.

Durante, a wholly-owned subsidiary of one of the Hill family trusts, owned 47.6% of shares in MHI when the offer was made. It sought to buy 5% of the shares it did not already own to take its holding to 50.2%.

Today, Durante said that as at 10.30am it had received acceptances for 12.14 million shares, more than the 10.03 million it wanted.

All the requirements of the offer, which closes today, had been met and was now unconditional, Durante said.

As a result of acceptances exceeding the number of shares sought, scaling would be undertaken.

NZPA

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