Investor announces bid for 10 per cent of Feltex

Brokerage UBS New Zealand today announced it was standing in the market on behalf of an unnamed investor for 10 per cent of beseiged carpet maker Feltex Carpets Ltd at 58c per share.

The bid will open at 10am and is due to close at 5pm today unless terminated earlier, UBS said.

The bid is conditional on winning 5 per cent of Feltex although the bidder may waive that condition as well.

Feltex shares closed yesterday at 51c. The company has been under pressure since releasing two profit warnings in the current quarter.

- NZPA