KEY POINTS:
Wool Equities said BioPacific Ventures (BPV) is seeking to buy 8 percent of its shares at 90c a share.
BPV, through Karios Holdings Ltd, is sending a letter to all Wool Equities shareholders offering to acquire directly, without brokerage, the 8 per cent.
The company's shares closed at 91c on Friday.
Karios Holdings currently owns 0.94 per cent of Wool Equities.
BPV may, depending on the level of acceptances for its offer, acquire more than 8 per cent but it will not go higher than 19.9 per cent shareholding.
If it goes above 20 percent it has to make a full takeover for the company.
The offer to buy 8 per cent expires at 5pm on December 13.
- NZPA
