Rank Group extends takeover offer

Rank Group, owned by New Zealand's richest man, Graeme Hart, says it has extended its takeover offer for Burns Philp to November 9, but will not extend it beyond that.

Hart has offered A$1.10 ($1.26) a share, valuing Burns Philp at about A$1.3 billion. Rank said it now owned and had acceptances for around 81 per cent of Burns Philp stock.