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.

 


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Michael Hill - one of the good guys of NZ business

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

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Good on ya mikey!

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