George Kerr’s Australasian Equity Partners Fund has edged closer to control of Pyne Gould Corp as more investors were won over by his sweetened offer last month.
The fund has acceptances that give it an interest in 48.4 percent, it said in a statement to the NZX today.
That’s up from 47.1 percent held as at Dec. 22.
Last month, Kerr’s AEP lifted its offer by 4 cents to 37 cents a share, valuing the target company at $80 million. The shares last traded at 34 cents and decline 21 percent in 2011.
The offer for the 66 percent of Pyne Gould not already owned by Kerr and Californian hedge fund Baker Street Capital’s AEP closes on Jan. 6, 2012.
Independent adviser Grant Samuel had valued Pyne Gould at between 49 cents and 57 cents a share and the target’s independent directors have said investors happy to be long-term holders shouldn’t sell their shares.