The consolidation of the rural services sector became a certainty yesterday as Wrightson crept past the 50.1 per cent threshold it needed to take over Williams & Kettle.
Despite having a controlling stake in the bag, Wrightson remains intent on achieving 100 per cent ownership.
On Monday, the company -
itself majority owned by the Craig Norgate-led Rural Portfolio Investments - extended the deadline for its bid until March 11.
Norgate, Wrightson's deputy chairman, said yesterday he had always been confident of getting past the 50 per cent threshold this week, once he was aware of the decision by Sir Selwyn Cushing to sell his family's 19.9 per cent stake.
Wrightson already had a 19.9 per cent stake which it bought in a market stand last year.
Norgate said it was still important to get to 90 per cent so that the merger could be carried out in an orderly fashion.
With majority control, the merger process would happen but it would be slower and involve more cumbersome structures.
Yesterday's news would provide some certainty for Williams & Kettle staff and customers.
Wrightson is offering $4.70 a share for Williams & Kettle, or a combination of $2.70 and one Wrightson share.
