Masthead extends Vertex offer

Masthead Equities has extended its takeover offer for Vertex by another fortnight, with one analyst urging the investor to dig deeper.

The investment arm of Christchurch's Stewart family has a $1.90 a share offer for the plastics company on the table but has been knocked back by Vertex chairman Tony Frankham.

Frankham is holding out for a higher price after receiving a report valuing the company at between $2.14 and $2.39 a share.

But the likelihood of getting that kind of price received a blow last week when a mystery bidder walked away without tabling an offer.