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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.

 

More by Georgina Bond

Comments and questions
3

Michael Hill - one of the good guys of NZ business

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

Good on ya mikey!