Feltex silent as Turners prepare to go over books

Feltex appears to have agreed to talk to Graeme and Craig Turner, the wealthy Auckland businessmen putting together a bid to keep the carpet-maker listed on the NZX.

Craig Turner said yesterday the Feltex board had given his consortium of investors the right to look over the books ahead of making a formal offer.

But Feltex last night declined to confirm the board had given the undertaking.

The Turners - part of the family behind the Sleepyhead bedding group with an estimated fortune of $70 million - hope to inject between $35 million and $40 million into Feltex to relieve its $128 million debt burden.

The plan rivals an alternative bid from Australian carpet-maker Godfrey Hirst to buy Feltex outright for $141.8 million. Godfrey Hirst's deal will return up to 12c a share to Feltex's shareholders and delist the carpet-maker.

Since the Turners disclosed their plan they have won some high-profile support including a pledge from Cliff Cook, who built up an estimated $200 million fortune founding, then selling, retirement home operator Metlifecare.

Feltex shares yesterday rose 1.2c to 12c amid hopes the new interest in the company could force Godfrey Hirst to up its offer. It floated in 2004 at $1.70 a share.