Wrightson shares down after offer

Investors reacted cautiously yesterday to Wrightson's plans to take over rival rural services company Williams & Kettle.

Wrightson shares fell 8c to close at $1.77 - although the drop followed a 13c rise on Monday. The company intends to pay $4.70 a share for full control of Williams & Kettle.

The takeover offer was prompted after a Fonterra and Pyne Gould Guinness partnership made a move on Williams & Kettle last Friday.

They have since withdrawn their offer. Neither will disclose whether they plan to counter the potential amalgamation of Wrightson and Williams & Kettle.