Pod shareholders reject $8m offer for designer textiles unit

Company secretary George Gin said a resolution at a special meeting today to sell the unit was rejected on a unanimous show of hands.

The result was in line with a recommendation from Pod's directors, who had taken into account a takeover offer for Pod from LWR Manufacturing Ltd.

LWR Manufacturing, owned by Christchurch-based Lane Walker Rudkin Industries Ltd, is offering 50c for each Pod share.

It has entered lockup agreements with two Pod shareholders, Gould Holdings Ltd, with a 24.57% stake in Pod, and Napoleon Trust, with a 5.78% holding.

The LWR offer, valuing Pod at $22.5 million, is conditional on receiving acceptances for 90% of the company.

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