The Michael Hill family has gained a majority of shareholder acceptances for its partial takeover bid for the jewellery company, but is still short of the number it needs.
Durante Holdings, a privately-held Australian-based entity representing the Hill family, holds 47.76% of Michael Hill International and is bidding for up to 50.2%.
Durante says it has received acceptances for 78% of the shares required to declare the offer unconditional.
It says it will not extend or change the offer, of 90 cents per share.
An appraisal report, prepared by Grant Samuel, puts the value of the company at between 98c to $1.15 per share.
It says that unless shareholders want to sell their holdings in the short-term, there is no compelling reason to accept the offer.
Durante has received Overseas Investment Office approval to proceed with the offer, which closes on 28 February.
