Plastics bidder close to complete package

Takeover bidder Masthead was last night less than 3 per cent away from wresting control of the plastics packaging group Vertex.

The company, owned by the Stewart family of Christchurch, had secured acceptances taking it to 47.81 per cent. The target is 50 per cent.

Acceptances have been flowing since Masthead upped its offer by 4c to $2.09 a share last week, 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.

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

The offer is due to close on May 24.

Shares in the company were unchanged at $2.07 last night.