Michael Hill bid extended

Sir Michael Hill. Photo/ Filephoto

The investment company associated with family of Sir Michael Hill has extended the period for its partial takeover offer of jeweller Michael Hill International to allow shareholders time to read the target company statement and independent report.

The report was released yesterday and found there was no compelling reason for shareholders to accept a 90c/ share partial takeover offer from Durante Holdings.

Durante already owns 47.6 per cent of the company and has offered 90c per share to increase it by 5 per cent.