Bendon Group Limited


Transaction Type: Takeover (Full)

Offeror: Pacific Retail Apparel Limited

Independent Adviser(s): Grant Samuel & Associates (Rule 21)

Offer commencement date: 12/02/2002

Offer closing date: 9/04/2002


On 18 January 2002, Pacific Retail Apparel Limited (Pacific Retail), a wholly owned subsidiary of Pacific Retail Group (PRG) gave notice of its intention to make a full offer for all the shares in Bendon Group Limited (BGL), not already held or controlled by Pacific Retail, at $1.90 per share. At the time, Pacific Retail held 19.05% of the issued shares of BGL. On 12 February 2002, Pacific Retail made the offer to BGL shareholders. 

At the time, there was another offer (not a takeover) to purchase the shares of Bendon Limited (the operating subsidiary of BGL) from a consortium comprising of the then managing director of Bendon Limited (a wholly owned subsidiary of BGL) and certain AMP related companies. AMP held 25.9% of the shares in BGL at the time. 

On 27 March 2002, Pacific Retail announced it had received sufficient acceptances to take its shareholding in BGL to over 90% and consequently had become a dominant owner. 

On 10 April 2002, Pacific Retail sent out compulsory acquisition notices to the remaining shareholders of BGL. 

Grant Samuel & Associates prepared a rule 21 independent adviser’s report on the merits of the offer.