Independent directors at New Zealand pipfruit exporter Enza have recommended the group’s shareholders to accept the NZ$1.2 (US$0.5) per share offer made by the Guinness Peat Group (GPG).

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GPG already holds a 19.9% stake in Enza, and its takeover bid values Enza at NZ$72m. As GPG already has a conditional contract to buy out the 19.9% stake held by FR Partners, it needs to buy just 10.3% of Enza’s shares to establish control.


GPG’s formal offer was sent to producer shareholders, whom it is believed number 1060, on Friday. The offer will remain open until 6 May.


Enza, formed in April 2000 to take over the Apple and Pear Marketing Board, reported net revenues of NZ$640.5m in 2001. It has budgeted net operating revenue for 2002 at NZ$472.5m, reported Stuff.

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