16 Feb 2012

PGC purchasers say takeover offer now unconditional

8:03 am on 16 February 2012

The two biggest shareholders in Pyne Gould Corporation say their takeover offer for the company has gone unconditional after accceptances giving it 66% of the shares.

Australasian Equity Partners, which is owned by Pyne Gould's two biggest investors - Baker Street Capital and George Kerr - has extended the closing date for the offer by six weeks to 30 March.

It says it has received acceptances from more than 1400 shareholders.

It is offering 37 cents per share for full control, valuing the firm at $80 million.

Pyne Gould's independent directors have said they won't sell their shares but AEP says many larger shareholders have accepted the offer.

AEP says it will be looking at appointing its own directors to the board and finding a replacement for the independent director Bruce Irvine, who recently resigned.