The independent directors of New Zealand meat company Richmond have said they will not appeal against a court ruling that gives rival PPCS control of the company.
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The independent director said they took that decision “so that the Richmond board and management can focus on the 2004 financial year in what is expected to be a more competitive sheepmeats trading environment,” reported Dow Jones International News.
They added that they had also taken into consideration PPCS’ pledge to offer NZ$3.11 per share for the remaining Richmond shares, if the ruling is allowed to stand.
The Richmond directors added, however, that the so-called “Bell Group” of shareholders is considering whether to appeal against the ruling.
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