One of the best performers on the market is equipment hire company National Hire (NHR). NHR has risen 16.3pct to $3.50 on a renewed takeover offer from Seven Group Holdings (SVW), valuing the company at $557 million or $3.35 per share. SVW shares are up 3pct to $7.37.
The Australian dollar is buying US98.69c, £0.6307 and €73.12c.
Juliette Saly CommSec Market Analyst
MORNINGSTAR
Seven trying to mop up shares in National Hire bid
Kerry Stokes's Seven Group (SVW) has raised its bid for National Hire Group (NHR) from a previous offer of $3.00 a share to $3.35. As a result of the increase in the offer price, the offer period is automatically extended and is now scheduled to close at 7pm Sydney time on 5 December 2011, the company said. Seven said Elph Pty Limited, a 21.9-per-cent shareholder connected with Dale Elphinstone, an independent director of National Hire, has not accepted the offer. However, it said if Elph accepts before the end of the offer period, Seven will acquire at least 75 per cent of the ordinary shares by number in National Hire and this would increase Seven's relevant stake above 91.55 per cent. Seven said if it reaches that level, it will raise the offer price to $3.75.
NHR Price at posting:
$3.46 Sentiment: Hold Disclosure: Not Held
