A full takeover bid of $1.40 cash a share for Dunedin retailer Arthur Barnett is being made by Dunedin businessmen Trevor Scott and Julian Smith.
The pair, both on Arthur Barnett's board, said last week that they would make an offer when a "don't sell" notice was issued to shareholders.
The retailer's
shares were trading at 91c when the notice was issued. The bid values the outstanding 6.7 million shares, held by about 1900 shareholders, at some $9.5 million.
Chief executive and Arthur Barnett director Mike Coburn said an independent valuation and recommendation would be given to shareholders by the end of the month.
Last week the Securities Commission said it was investigating gains in the retailer's share price made just days before the board said it was expecting an offer.
- NZPA
