Wellington property company St Laurence Equities has raised its takeover offer for fund manager Rural Equities, despite claims by rival bidder Sir Selwyn Cushing that he has already reached a controlling 50.01 per cent stake.
Thursday, June 24th 2004, 7:35AM
by The Landlord
St Laurence yesterday upped its offer by 10c to $1.60 a share, valuing Rural Equities at more than $23 million.
Rural Equities is a spinoff of rural services group Williams & Kettle. It owns 32 per cent of Rural Property Trust and manages the trust assets, which include about 30 farms and a 856ha forest near Ngaruawahia, with a total net value of about $103 million.
