KEY POINTS:
LWR Manufacturing's takeover bid for designer textile firm POD is looking more certain, now acceptances have crept up to 87 per cent.
Christchurch-based LWR has picked up a 6.4 per cent stake from Auckland investor Hemat Lal Patel, who previously considered the bid too low.
LWR has extended its $22.5 million offer, at 50c a share, to August 30. The bid requires 90 per cent of Pod to succeed.
Earlier this month Salvus Strategic Investments sold its 5.7 per cent stake and it was expected that other key shareholders would follow suit, following the collapse of Pod's planned property sale in Auckland.
Shares in Pod were flat today at 49c.
- NZPA
