Second bidder set to join takeover fight for Vertex

Vertex confirmed yesterday that another party will formally enter the takeover race for the plastics manufacturer next week.

Chairman Tony Frankham said the as-yet-unnamed third party had indicated its intention to make a bid.

He said the holiday weekend had disrupted the process, which had been centred on satisfying pre-conditions to a possible bid.

"Discussions that have centred on satisfying pre-conditions are proceeding satisfactorily, but the intervention of Easter has caused the potential bidder to advise that the confirmation can now be expected next week," he said.

Vertex is the subject of a $1.90 a share takeover bid by investment firm Masthead, which already owns 19.9 per cent.

The price is below the $2.14 and $2.39 price range for Vertex shares released by valuation firm Grant Samuels last week.

Vertex shares closed yesterday up 1c at $2.07, having ranged between $1.38 and $2.10 in the past year.

- NZPA