KEY POINTS:
The independent directors of textile design company Pod have unanimously backed a $22.5 million cash offer from textile and apparel company LWR Manufacturing.
The directors said the status quo model of Pod was not the best model for the future.
They noted LWR's offer of 50c a share was within the value range assessed by Ferrier Hodgson of between 48c and 54cps.
The offer is conditional on reaching 90 per cent acceptance and the LWR offers closes on July 26.
- Agencies
