NZ’s Michael Hill Intl receives partial takeover offer

WELLINGTON (BestGrowthStock) – New Zealand jewelry retailer Michael Hill International Ltd (MHI.NZ: ) has received a takeover offer from interests associated with its founder and major shareholder, the company said on Monday.

The company said Durante Holdings, a privately held vehicle of the Hill family, would look to buy sufficient shares to take the family’s consolidated holding to 50.2 percent from the current 47.6 percent.

The offer will be at NZ$0.90 a share, valuing the company at around NZ$344 million ($259 million).

An earlier attempt in August by the Hill family to consolidate its various holdings and take majority control of the company was stymied by the refusal of New Zealand authorities to grant exemptions from takeover rules.

Shares in the company last traded up 2.35 percent at NZ$0.87, its highest level since September 2008. So far this year the company has risen nearly 30 percent compared with a 2.1 percent gain in the benchmark index (.NZ50: ).

Michael Hill International has more than 230 retail outlets in New Zealand, Australia, Canada and the U.S.

(Reporting by Gyles Beckford)

NZ’s Michael Hill Intl receives partial takeover offer