KEY POINTS:
LWR Manufacturing has received acceptances for just over 51 per cent of textile design company Pod and extended its offer again.
The 50c a share takeover offer, valuing Pod at $22.5 million, had previously been extended by 14 days until August 9.
Joanna Perry, chairwoman of Pod's independent directors committee, today wrote to shareholders saying the offer would close on August 23.
The offer is conditional on reaching 90 per cent acceptance, which Ms Perry said could not be waived.
The independent directors continued to recommend acceptance of the offer, based on the Ferrier Hodgson independent adviser's report and the directors' "views of the current performance of and future prospects for Pod".
Pod also announced today that a conditional offer for the company's 3.58ha property in Otara, south Auckland, had been withdrawn.
"The prospective purchaser has advised that the property is not suitable for its intended use," the company said.
Pod previously said it wanted to lease back the property from the new owner for its subsidiary Designer Textiles International.
Pod's share price eased 2c to 47 this morning.
- NZPA
