RDI complaints put aside

The Takeovers Panel has ruled that complaints by Craig Norgate's Rural Portfolio Investments (RPI) about an independent valuation of rural services company Wrightson do not merit any action.

The complaints were about technical errors in a Grant Samuel report. RPI is seeking to make a partial takeover of Wrightson, which commissioned the report in response to the bid.

Wrightson has maintained that the errors were typographical and did not alter the conclusion of the report.

RPI is offering $1.50 a share for a 50.1 per cent controlling stake and has extended its offer deadline until June 16. The report valued Wrightson at between $1.61 and $1.86 a share.