No second bidder for PGG Wrightson
PGG Wrightson says a possible second bid for the company will not proceed.
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PGG Wrightson says a possible second bid for the company will not proceed.
The second party, believed to be Canadian firm Agrium, had decided not to proceed with a formal full takeover offer for “strategic reasons specific to themselves,” PGG Wrightson said in a statement to the NZX this morning.
PGG Wrightson’s takeover response committee reminded shareholders that an existing partial partial bid by Chinese companies Agria and New Hope closes on April 15.
Agria and New Hope Group have offered 60c a share to increase Agria’s holding from 19% to 50.01%.
PGG Wrightson’s independent directors have recommended shareholders accept the offer, which falls within the valuation range provided by Grant Samuel, in the absence of a better offer.
However, the directors reiterated that shareholders with longer term investment horizons may well conclude that the offer undervalues PGW’s longer term prospects.
Duncan Bridgeman
Mon, 21 Feb 2011
Mon, 21 Feb 2011
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No second bidder for PGG Wrightson
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