The stand in the market by Guinness Peat Group and FR Partners for pipfruit marketer Enza closed on Friday with both parties taking their respective shareholdings above 18 per cent.
GPG's head Tony Gibbs said he was pleased with the response to the 165c a share offer, which began several weeks
ago at 150c a share.
He said GPG's shareholding was 18 per cent and still counting.
"We might finish a shade under our goal of 19.9 per cent. But I am very happy."
Meanwhile, the Enza board is still reserving its position on the validity of the bids by GPG and FR Partners.
Chairman John McCliskie said information was still being sought to confirm the parties were compliant with the company constitution in that they were not related parties.
The maximum any one shareholder can own is 19.9 per cent of Enza.
Mr McCliskie said the board was now satisfied GPG Orchards and FRP Orchards were bona fide Enza shareholders, being in the business of growing apples.
The board still intends to publish the now largely independent valuation report, still being prepared by Grant Samuel & Associates.
Mr McCliskie said the board had already been looking at filling two vacancies, which would take its membership to seven.
He was due to retire from the board next month.
- NZPA
