LWR again extends offer for Pod

LWR Manufacturing has received acceptances for just over 51 per cent of textile design company Pod and extended its offer again.

The 50c-a-share takeover offer, valuing Pod at $22.5 million, had been extended by 14 days until August 9. Joanna Perry, chairwoman of Pod's independent directors committee, yesterday wrote to shareholders saying the offer would now close on August 23.

The offer is conditional on 90 per cent acceptance, which Perry said could not be waived.

The independent directors continued to recommend acceptance.

Pod said a conditional offer for its 3.58ha property in Otara, South Auckland, had been withdrawn.

- NZPA