Takeover time extended

Dorchester Pacific Limited advises that – as at 4pm on October 17 –acceptances have been received which, together with the company’s existing shareholding, represents 86.9 per cent of the shareholding in Turners Group. Dorchester has extended its offer until 11.59 pm on November 7, but intends to make the first offer settlement on October 30 and thereafter within seven days of receipt of acceptances. Of the acceptances by October 7, the consideration had been taken up as cash at 49 per cent, Dorchester shares with 24 per cent and Dorchester Bonds at 27 per cent. These figures included Bartel Holdings. Paul Byrnes, CEO of Dorchester, says the shareholding and mix of consideration has surpassed original targets and expectations. “Having regard to the relative complexity of the offer, the potential for mail delays and the closeness to the 90 per cent control at which compulsory acquisition provisions of the Takeovers Code would apply, it makes sense to extend the offer at this time.”