An $80 million takeover bid for Pyne Gould Corporation has edged past the half way mark.
The bid has been made by Australasian Equity Partners, which is owned by Pyne Gould's two biggest investors, Baker Street Capital and George Kerr.
Australasian Equity Partners is offering 37 cents a share for full control of Pyne Gould Corporation. It has acceptances for just over 50% of the company.
Pyne Gould's independent directors have reiterated they will not be selling their shares and say they don't believe the takeover offer will be successful.
The offer is due to close on 31 January.