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Offeror(s): Logan Corporation Limited
Independent Adviser(s): Arthur Anderson Corporate Finance (Rule 21)
Offer Date: 12/10/2001
Closing Date: 10/11/2001
Offer Type: Full
On 24 September 2001, Logan Corporation Limited (“Logan”) notified Pacific Retail Group Limited (“PRG”) of its intention to make a full takeover offer for all ordinary shares in PRG that were not already held by Logan. The consideration offered was to be $1.76 per share.
On 19 October 2001, PRG received the final rule 21 independent adviser's report from Anderson (formerly Arthur Anderson) on the merits of the offer made by Logan. Anderson concluded that the offer was not fair, however noted that within the offer was an exit mechanism set at 21% above the pre-bid share price.
On 26 October 2001, the independent directors of PRG recommended that shareholders in PRG reject the offer made by Logan.
By 10 November 2001, Logan held or controlled a 71.4% stake in PGR.