Fletcher Building has snared a majority 51.9% stake in its hostile takeover bid for rival Crane Group, a plumbing supplies and plastic pipeline-maker in Australia.
The offer, worth about $A400 million ($NZ548 million) at present, reached beyond the key 50% requirement on Thursday, with Fletcher attaining a 51.9% stake by yesterday, reflecting acceptances from more than 53% of shareholders by number.
Shares in Fletcher were up 0.8%, or 7c, to $8.85 after the news on Thursday.
The offer remains conditional until Fletcher meets its target 90% shareholding, with the already once-extended offer open until March 25.
Craigs Investment Partners broker Peter McIntyre said getting the further 39.1% of shares to hold 90% was "likely to be straightforward" for Fletcher. Even if it did not get to the unconditional threshold by the 25th, it had the option to extend the offer again.
Fletcher chief executive Jonathan Ling said shareholders accepting the offer would receive payment "on our accelerated time-frame" once the offer was unconditional at 90%.
Fletcher already had a 15% stake in Crane when it launched its hostile takeover bid in mid-December.
The opening offer of $A9.35 ($NZ12.25), made up of Fletcher script and cash, was dismissed by Crane's board and queried by analysts.
However, a revised offer of $A10.07 per Crane share was made at the end of January, and all Crane's directors subsequently recommended its shareholders accept the revised offer.
