Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


PRG Comments on Target Company Statement

FOR IMMEDIATE RELEASE
PRG Comments on Target Company Statement

Auckland, 26 February 2002 – Pacific Retail Group (NZSE: PRG) today said that it was satisfied with the advice given to shareholders of Bendon Group Limited (NZSE: BEN) by the independent directors, but urged shareholders to not wait too long before making their acceptances.

“Yesterday we extended the offer period to give shareholders time to receive the directors’ recommendation and make an informed decision between competing proposals,” said PRG CEO, Peter Halkett. “Both the Independent Advisors’ Report and the Target Company Statement, released subsequently, make it clear that shareholders realistically have only one viable offer to consider.”

Mr Halkett noted PRG’s bid remained open until 26 March, and the company had no plans to increase the price or further extend the offer period.

“In light of the requirements of the Takeovers Code, notice of any competing offer would have to be in the market imminently to be realistically considered by shareholders,” he said.

“For our part, we believe we will achieve a shareholding of 50 percent or more in Bendon Group under this bid and we have no plans to make another offer at a later date. On that basis there is little point to delaying acceptance.”

Commenting on PRG’s future intentions Mr Halkett said, “We have determined that a significant element of PRG’s growth strategy will be acquisition-based, and plan to pursue other opportunities of this scale. To support this and other potential acquisitions PRG will consider raising additional equity in the near term.”

ENDS

About Pacific Retail Group
Pacific Retail Group is an NZSE-listed retail company. The appliance, electronics, computer and homeware retailer has 99 stores and annual sales of over $400 million, trading through its Noel Leeming, Bond & Bond, Computer City, Living & Giving, Big Byte and finance activities through Pacific Retail Finance brands.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news