Directors of New Zealand’s Kapiti Cheeses have proposed a change to the company’s constitution that would stand in the way of the ambitions of Graeme Hart.

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The country’s richest man, Hart last week bought a 10.3% stake in specialty cheese and ice-cream manufacturer Kapiti Cheeses at NZ$3.75 (US$2.19) per share. The board is concerned that he is trying to stop bidders currently participating in a competitive tender from buying the company, reported the Dominion Post.

In a bid to prevent Hart from blocking the takeover, the board has proposed that the stake a buyer must reach before it is required to buy the remaining shares in the company be lowered from 90% to 75%. That would mean that Hart’s 10.3% stake would be insufficient to block the takeover bid.

The board is encouraging Kapiti’s 160 shareholders to agree the change, which needs the backing of 75% of shareholders. They will meet 22 August at Kapiti HQ.

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