Guinness Peat Group seeks bigger Time stake

Investment company Guinness Peat Group is seeking to lift its stake in London-listed watch and luxury goods wholesaler Time Products Plc to nearly 30 percent.

GPG, the London-based company headed by New Zealand corporate raider Sir Ron Brierley, said it had offered Time shareholders a maximum of £1.50 ($NZ5.33) per share. Time shares closed up 4.5p at £1.46.