Announcement
TAKEOVER: PGW: PGG Wrightson Takeover Update
08:47am
PGW
21/02/2011 08:47
TAKEOVER
REL: 0847 HRS PGG Wrightson Limited
TAKEOVER: PGW: PGG Wrightson Takeover Update
PGG Wrightson Takeover Update
PGG Wrightson Limited's ("PGW") Takeover Response Committee of independent
directors ("Committee") announced on 4 February 2011 that it had received an
approach from a second party who had indicated an interest in making a
takeover offer for PGW.
The Committee wishes to inform PGW shareholders that the second party has
advised that for strategic reasons specific to themselves they do not intend
to proceed and make a formal takeover offer for PGW at this time.
The Committee reminds shareholders that Agria (Singapore) Pte Limited's
("Agria") partial takeover offer to acquire a further 38.3% of the shares in
PGW it does not already own will close on 15 April 2011 unless the offer
period is extended.
In PGW's Target Company Statement issued on 7 February 2011, in response to
the Agria offer, the Committee, taking into account the Grant Samuel &
Associates Limited independent adviser's report, and in the absence of any
better offer, recommended to shareholders that they accept Agria's offer.
That recommendation has not changed.
The Committee however reiterates that while the Agria offer will have merit
for shareholders with a near term focus, or who value near term certainty,
shareholders with longer term investment horizons may well conclude that the
offer undervalues PGW's longer term prospects.
The decision is for each shareholder to make and the Committee therefore
recommends that shareholders review the Target Company Statement and consult
with their financial advisor if need be.
For further information:
Maurice Noone
021 343 543
End CA:00205831 For:PGW Type:TAKEOVER Time:2011-02-21 08:47:52
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