PPCS extended its takeover offer for rival meat company Richmond for an eighth time yesterday.
The move was described as futile by one analyst who said it had little or no chance of substantially raising its stake.
"It's absolutely amazing," said Macquarie Equities New Zealand investment director Arthur Lim."I can't remember an offer that has gone on so long."
After Richmond's profit result on Thursday the stock rose 3c yesterday to close at $3.17 - 6c above PPCS' offer price.
The offer, which was due to close yesterday, was extended until May 23. Under the Takeovers Code the last possible date the offer can close is June 19 - raising the possibility of a ninth extension.
"It's a very thinly traded stock now," Lim said "I don't think they're going to get much more."
PPCS has been sitting on a 68 per cent stake for more than a month.
Chief operating officer Keith Cooper said the company was still receiving some acceptances.
The High Court has ruled that if PPCS did not gain 90 per cent of Richmond it would lose voting rights on a large chunk of its shares the day after the offer closes. If that happens it could be left with an active stake of as little as 34 per cent.
Cooper admitted that the court order had influenced the decision to extend the offer.
"That's part of it," he said. "Nothing about this situation is normal."
The number of extensions was irrelevant, he said.
PPCS was extending its offer in small stages to provide some short-term certainty and keep its options open.
Richmond chairman Sam Robinson said he was disappointed by the move.
"It's frustrating," he said. "PPCS don't seem to me to be making any progress."
It was creating uncertainty that was affecting staff, customers and suppliers, Robinson said.
"It's just another hassle."
It now looks inevitable that the Court of Appeal will decide who controls Richmond.
The court is scheduled to hear PPCS' appeal against the forfeiture decision in late July.
