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.
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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