Hill family makes progress in offer for control of MHI
Durante Holdings, a company associated with the Hill family, said it has 78 percent of the shares it needs to make its partial takeover offer of Michael Hill International Ltd unconditional.
Durante Holdings, a company associated with the Hill family, said it has 78 percent of the shares it needs to make its partial takeover offer of Michael Hill International Ltd unconditional.
Durante Holdings owned 47.63 percent of the company before the offer and wanted to move to 50.2 percent. The offer is 90 cents a share. An independent report said there was no compelling reason to accept the offer but founder Sir Michael Hill said Durante remained confident the offer would succeed.
"From the level of acceptances received so far, including under pre-bid agreements with institutional shareholders ACC and NZ Super Fund, we know that shareholders are welcoming the opportunity to realise a premium price for their shares," Sir Michael said.
The offer closes on February 28.
Durante has pre-bid agreements with ACC and New Zealand Superannuation Fund, which gives it four million of the 10.01 million shares it needs.
Michael Hill International was founded in 1979 by Sir Michael and his wife Christine. The business expanded from one jewellery store in Whangarei and it now employs more than 2000 people.
NZPA and NBR staff
Tue, 15 Feb 2011
Tue, 15 Feb 2011
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Hill family makes progress in offer for control of MHI
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