14 Sep 2010

Takeover plan shelved by Hill family

12:05 pm on 14 September 2010

The Hill family has shelved plans to take a controlling stake in Michael Hill International, after the Takeovers Panel indicated it was unlikely to obtain the necessary exemptions.

The Hill family, which owns 48% of the jewellery company, wanted to increase its stake to 50.1%, by getting the company to instigate a share buy-back scheme over the next year to increase its stake.

In light of the feedback from the Takeovers Panel, the Hill family says it won't now seek approval at next month's annual meeting to increase its holding.

However, it will put forward a proposal to consolidate shares currently held by various family trusts into a single entity.