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.