Unlisted meat processor North Meats today [Monday] upped its stake in takeover target Richmond to over 10%, making it impossible for rival processor PPCS to take complete control of Richmond.

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North Meats chairman Norman McRae insisted the acquisition, which more than doubled his company’s stake in Richmond, was not a prelude to a takeover attempt: “We are not making a takeover bid for the company,” McRae told Dow Jones Newswires. He acknowledged the deal would probably block a takeover bid by PPCS.


PPCS Ltd., an unlisted farmer-owned cooperative, is offering NZ$3.05 (US$1.68) a share for Richmond in a takeover bid that closes around the end of the month.

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