Masthead increases its stake in Vertex

Masthead Equities has increased its stake in takeover target Vertex group to a controlling 53.47 per cent.

In a statement to NZX, Vertex said Masthead had increased its stake from 44.81 per cent.

Acceptances have been flowing since Masthead upped its offer by 4c to $2.09 a share, gaining the approval of Vertex's independent directors.

This was 19c a share higher than its original offer two months earlier, and values the company at $66.9 million.

Masthead was seeking 50 per cent of Vertex.

Since the launch of the takeover bid on March 1, twists have included two mystery bidders emerging and then disappearing.

The first, understood to be Australian packaging giant Visy, pulled out after Easter when it found similarities between the two businesses were not as strong as it thought.

Last week, independent directors said another company was interested, but that party withdrew within hours.

Masthead also has a majority stake in Alto Plastics, a rival to Vertex.

The offer closes on May 24.

At 10.50am, shares in Vertex were unchanged today at $2.07, having ranged between $1.42 and $2.10 in the past year.

- NZPA