The Australasian Equity Partners Fund No 1 yesterday upped its 100% takeover bid for Pyne Gould Corporation by more than $8.5 million dollars, from 33c per share to 37c, and extended the deadline by a week.
The offer was launched five weeks ago and an independent advisers' report is due to be in shareholders' hands this weekend. The offer has increased from $71.48 million to $80.134 million.
Christchurch businessman George Kerr, speaking for Australasian Equity Partners, said the increased offer was in response to feedback from several institutional shareholders.
A broker for Craigs Investment Partners said it was likely the initial 33c per share offer was gaining little traction, with shareholders awaiting release of the report.
Mr Kerr said, "PGC requires time, money and patience to build. While that suits long-term investors like myself, I do not believe it is suited to those with short-term income needs."
