South Island meat co-operative PPCS has extended its takeover bid for Hawkes Bay rival Richmond to March 7.
The move was made possible yesterday after Justice William Young varied his High Court order that PPCS get 90 per cent acceptance of an offer by February 28 or lose voting rights on
a 43 per cent stake in Richmond.
Justice Young extended the deadline for the offer until April 22, just a few days after appeals to his decisions are scheduled to be heard in the Appeal Court.
PPCS was due to send out its revised offer to Richmond shareholders and notify the Takeovers Panel by a deadline yesterday. Under the Takeovers Code an offer cannot be varied any later than 14 days before the end of the offer period.
