PGG Wrightson shares rise 17%
UPDATED Shareholders have been told not to sell while the company evaluates the 60c a share offer from Agria Corporation and New Hope Group.
PGG Wrightson shares rose to 56c, or 17%, in the final sharemarket trading session before the Christmas break as investors reacted to a partial takeover bid from two Chinese companies.
Shareholders have been told not to sell while the company evaluates the 60c a share offer from Agria Corporation and New Hope Group.
They are seeking 50.01% but have already gained 42% after major shareholder Pyne Gould Corporation (PGC) accepted the offer for its 18.3% shareholding.
A target company statement will prepared by Grant Samuel and will include an independent appraisal report on the merits of the offer, or a summary of that report. The Takeovers Panel has approved the appointment.
Gould appointed CEO
In a separate development, PGW director and shareholder George Gould will take over as group managing director on February 1 next year.
Mr Gould will resign as a director of PGC but will retain his other independent directorships of Christchurch International Airport and Orion Group.
He was managing director of Pyne Gould Guinness from 2001-03, during which time it merged with Reid Farmers.
Nevil Gibson
Fri, 24 Dec 2010
Fri, 24 Dec 2010
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