Michael Hill takeover offer attracts strong interest

A bid by Sir Michael Hill’s family for a partial takeover of the company he founded has attracted strong interest from other Michael Hill International shareholders.

Durante Holdings is the holding company for the 47.63% of shares in Michael Hill International (MHI) currently held by interests associated with Mr Hill.

It has offered 90c a share for 10.03 million MHI shares, which would increase its holding to 50.2%.

Durante announced today its partial takeover offer has met all the requirements of the offer and is now unconditional.

The offer, which closes today, had received acceptances for 12,136,499 shares as of this morning at 10.30am.

As a result of acceptances exceeding the number of shares sought, scaling will be undertaken in accordance with the offer document.

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Dumb ar$es. and those taking the opportunity to exit will be scaled back leaving them with unmarketable parcels.

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