PGG Wrightson receives new takeover approach
Rural services company PGG Wrightson is urging shareholders not to sell shares after disclosing this morning that it has been approached by another party interested in making a full takeover offer.
Rural services company PGG Wrightson is urging shareholders not to sell shares after disclosing this morning that it has been approached by another party interested in making a full takeover offer.
Rural services company PGG Wrightson is urging shareholders not to sell shares after disclosing this morning that it has been approached by another party interested in making a full takeover offer.
The new potential bidder comes as PGG Wrightson prepares to release a target company statement and independent report on a partial takeover offer from Agria (Singapore) and New Hope Group of China.
PGG Wrightson said in a statement that its takeover response committee, comprising independent directors Sir John Anderson, Keith Smith and Bill Thomas, considered the new party to be “a bona fide potential bidder."
The committee has agreed for the new party to undertake due diligence.
Agria and New Hope Group have already offered 60c a share to increase Agria’s holding from 19% to 50.01%.
PGG Wrightson recommended shareholders wait until nearer the close of the Agria bid (currently April 15) to make a decision on the partial offer.
PGG Wrightson did not disclose details of the new party.
“While there is no certainty of a better bid emerging following due diligence, the committee considers this is a material development about which PGW
shareholders need to be informed.”
PGG Wrightson shares closed last night at 55c.