PPCS stretches Richmond offer

By PHILIPPA STEVENSON

Dunedin-based PPCS has again extended the deadline for its offer for rival Hawkes Bay meat company Richmond.

Acceptances for its $3.05 a share bid will now close seven days later on March 14.

PPCS chief operating officer Keith Cooper said the offer was progressing slowly and the extension provided more time for consideration by Richmond shareholders.

But while acceptances of PPCS' offer have been slow, an unknown buyer spent $2.2 million to pick up more than 750,000 shares on Tuesday at an average of $2.99 a share.

The buyer cannot be two recent investors in Richmond, Lowe Corporation and Bernard Matthews' North Meats, both of which would have had to file notices to the Stock Exchange.

Sources said the buyer would not be an arbitrager because of the high price paid.

The latest date for PPCS' offer to now be declared unconditional will be March 28. None of its other terms and conditions have been altered.