Allied increases Prime stake

Hawera-based rural services firm Allied Farmers has secured 67.4 per cent of takeover target Prime Finance.

Allied launched the $2.80 a share full takeover bid last month after entering a conditional lock-up agreement to buy 60.09 per cent.

Yesterday's substantial shareholder declaration shows it has increased that holding 7.31 per cent in the past week.

Independent adviser Horwath Porter Wigglesworth said Allied's offer of $2.80 a share was "fair market value", with Prime's shares valued at between $2.44 and $2.88 a share.

Prime's directors have unanimously recommended shareholders accept the offer.