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Durante Holdings confirms terms of partial takeover offer
14 February 2011
Durante Holdings confirms terms of partial takeover offer for Michael Hill International
Durante Holdings Pty Limited (Durante) has confirmed its partial takeover offer for Michael Hill International Limited (MHI) will not be extended or changed.
Durante has received Overseas Investment Office approval to proceed with the Offer, which satisfies a key condition.
Durante has received acceptances for approximately 78% of the 8,937,483 shares required to declare the offer unconditional.
Durante director, Sir Michael Hill, says he and his family are delighted that so many shareholders have already supported the offer of 90 cents a share for a maximum of 10.03 MHI million shares.
“We remain confident in the offer. From the level of acceptances received so far, including under pre-bid agreements with institutional shareholders ACC and NZ Super Fund, we know that shareholders are welcoming the opportunity to realise a premium price for their shares.”
The offer closes on 28 February 2011.
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