1 Nov 2011

PGC to mail bid to investors

7:06 pm on 1 November 2011

A $55 million takeover offer for Pyne Gould Corporation by two of its largest shareholders is expected to be mailed to investors in the next couple of days, prompting the company to tell them not to sell.

Australian Equity Partners, which is an investment vehicle of Pyne Gould director George Kerr and US investment fund Baker Street, is offering 33 cents a share, a premium of 22 percent prior to the bid.

It has secured 37.5 percent of Pyne Gould stock, including ACC's holding.