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Eckhoff Welcomes PPCS's Richmond Offer

Eckhoff Welcomes PPCS's Richmond Offer

Tuesday 15 Jun 2004

Gerry Eckhoff - Press Releases - Rural

ACT New Zealand Rural Affairs Spokesman Gerry Eckhoff today welcomed PPCS's offer of $3.11 per share for the balance of the Richmond meat company, describing its latest move as entirely appropriate.

"I believe it was always incumbent upon PPCS, which will be now 50 percent bigger than any other New Zealand meat company, to exercise a magnanimous gesture towards those minority shareholders of Richmond who have fought a long and difficult - but justifiable - battle to retain control of their company," Mr Eckhoff said.

"It is clearly now in the interest of the New Zealand meat industry to have this protracted matter settled once and for all, so that the wider industry can concentrate on adding value for their shareholders.

"The rationale for North and South Island meat companies merging has always been an extremely sensible commercial reality. The real issue was all about how PPCS went about the process of acquiring control of Richmond.

"For the sake of the New Zealand meat industry, it is time now for the old antagonisms to be set aside.

"I congratulate PPCS chairman Jim Pringle and his Board for ensuring that the minority shareholders of Richmond, who refused to sell, are treated with fairness," Mr Eckhoff said.


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