Liberty boosts stake in Mike Pero

Australian lender Liberty Financial has boosted its stake in Mike Pero Mortgages (MPM) to 19.9 per cent, after gaining 5.6 per cent through a stand in the market at $1.07 a share.

Liberty closed the market stand today after reaching its target of 1.412 million shares. The stand was launched on Friday.

MPM's shares were trading unchanged at $1.06 by midday today.

MPM is also the subject of a $1.05 per share takeover offer by New Zealand Finance Holdings (NZF).

MPM's independent directors have recommended shareholders should accept the deal, which falls within the 96c to $1.09 valuation range set by independent advisers Crighton Anderson Corporate Finance Ltd.

- NZPA