NEW ZEALAND: PPCS makes takeover bid for Richmond

New Zealand beef and lamb cooperative PPCS has stepped up its fight to takeover rival Richmond by offering NZ$3.05 (US$1.62) per share for the company. The offer price, which values Richmond at $125m, represents a 27% premium to the share’s closing price on Monday of $2.40. PPCS already controls 52.5% of Richmond, New Zealand’s largest meat exporter, and has been fighting to take over the remainder. PPCS plans to merge the two companies in order to market New Zealand meat products to overseas companies, reported Dow Jones International.