Hill family seek controlling stake in jeweller

Michael Hill’s family are seeking a controlling stake in the jewellery retailer he founded, with a formal offer for a partial takeover to open in January.

The family’s investment vehicle Durante Holdings wants to buy another 10 million shares to push their stake in the jeweller to 50.2%.

A formal offer of 90 cents a share – a 5% premium to Friday’s close of 85c – opens on January 19.

Shares in Michael Hill International rose 3c to 88c in trading this morning, valuing the company at $325 million.

The Hill family flagged plans for a more than 50% stake in the jeweller in August and today’s notice of offer is the second attempt since.

Australian company Durante holds 47.6% of the shares in Michael Hill International.

Family holdings were consolidated in the single vehicle, wholly owned by the family’s Boxer Hill Trust, after the retailer’s annual meeting last month.

 


3 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

3 Comments & Questions

Commenter icon key: Subscriber Verified

Michael Hill - one of the good guys of NZ business

Reply
Share
  • 0
  • 0

C'mon! When it comes to diamonds, the general public wouldn't have a clue what they're getting - or where they come from...

Reply
Share
  • 0
  • 0

Good on ya mikey!

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7167 0.0000 0.00%
AUD 0.9558 0.0000 0.00%
EUR 0.6432 0.0000 0.00%
GBP 0.5398 0.0000 0.00%
HKD 5.5636 0.0000 0.00%
JPY 73.4440 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1339.0 17.480 2016-07-01T00:
Oil Brent 50.9 1.180 2016-07-01T00:
Oil Nymex 49.0 0.750 2016-07-01T00:
Silver Index 19.6 0.967 2016-07-01T00:

Indices

Symbol Open High Last %
NZX 50 6897.5 6932.1 6897.5 0.42%
NASDAQ 4837.2 4880.2 4842.7 0.41%
DAX 9742.8 9806.5 9680.1 0.99%
DJI 17924.2 18002.4 17930.0 0.11%
FTSE 6504.3 6587.4 6504.3 1.13%
HKSE 20736.8 20828.0 20436.1 1.75%
NI225 15698.0 15765.0 15575.9 0.68%
ASX 5233.4 5278.9 5233.4 0.25%