KEY POINTS:
LWR Manufacturing launched its 50c per share cash takeover offer yesterday for textile design company Pod, after entering lockup agreements on Monday with two Pod shareholders.
The LWR offer valuing Pod at $22.5 million is conditional on receiving acceptances for 90 per cent of the company.
Gould Holdings, with a 24.57 per cent stake in Pod, and Napoleon Trust, with a 5.78 per cent holding, have entered into lockup agreements with LWR making it difficult for a rival plan to succeed.
Under the agreements, LWR was required to make a takeover offer by the end of yesterday, on the terms in a notice served on May 31.
The price represents a 52 per cent premium to Pod's closing price of 33c the day before news of a potential offer, LWR said.
The offer closes on July 26. Pod shares closed yesterday at 48c, having traded between 29c and 68c in the last 12 months.
- NZPA
