New Zealand meat company PPCS has exercised its option to purchase 14.66 million ordinary shares in rival meat company Richmond, held by Hawke’s Bay Meat.

PPCS purchased the shares at a price of NZ$3.50 (US$1.92) a share, higher than the $3.05 that PPCS has offered Richmond shareholders for their shares. The purchase brings PPCS’ stake in Richmond to 52.53%, reported the New Zealand Press Association.