Anonymous grab for Pyne Gould stake

An un-named bidder has made a stand in the market for a 10 per cent stake in finance and rural services group Pyne Gould Corp (PGC).

Broker Macquarie Equities NZ said it had received an order to offer $5 a share for 9.79 million PGC shares including its 4cps interim dividend, an 11 per cent premium to the company's closing price yesterday.

PGC shares quickly rose to match the offer price when the market opened this morning.

Macquarie said the order was conditional on it being filled within two days but the client reserved the right to accept a lesser stake if it did not gain the full amount. The offer will close when it is completed or by the close of business tomorrow.

- NZPA