Michael Hill takeover offer attracts strong interest
The partial takeover bid for Michael Hill International by Durante Holdings, associated with the family of company founder Sir Michael Hill, has gone unconditional.
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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.
Niko Kloeten
Mon, 28 Feb 2011
Mon, 28 Feb 2011
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Michael Hill takeover offer attracts strong interest
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