Warehouse shareholders Whimp's latest target

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Shareholders in The Warehouse Group are the latest target of an unsolicited offer for their shares by an entity associated with businessman Bernard Whimp.

The Warehouse Group has written to shareholders urging them to be 'very wary' of the offer from Cargill Securities LP, which was considerably below the current market price of The Warehouse shares.

Cargill Securities is offering $2.34 per share. The closing price of The Warehouse shares on NZSX on 21 April 2011 was $3.55 per share.

"The directors of The Warehouse are very concerned at the recent spate of unsolicited offers and urges shareholders to be very wary of such offers.

"There is no obligation on shareholders who have received Cargill Securities' offer for The Warehouse shares to accept the offer," the Group said an announcement to the Stock Exchange.

Shareholders were advised to 'carefully consider' the full details of the offer, including the price and terms, and consult their financial advisor before making any decision in relation to the offer, the Group said.

- NZ HERALD ONLINE