PGG Wrightson offer off

A party that had been doing due diligence on PGG Wrightson has decided against making a takeover offer for the company, which is already subject to a partial bid from shareholder China-based Agria Corp.
Agria announced a bid for 38.3 per cent of the shares in PGG Wrightson at 60c per share in late December, which would take Agria's shareholding to 50.01 per cent.
PGG Wrightson has said the second party had advised that for strategic reasons, specific to itself, it would not proceed and make a formal takeover offer.
PGG Wrightson's takeover response committee said the recommendation that Agria's offer be accepted remained.