Kresta takeover bid set to close

Ian Trahar's takeover bid for Kresta Holdings will close tomorrow, unless it receives enough acceptances to take its interest to more than 40 per cent of the window furnishings company.

Earlier this week shareholders voted to dump Mr Trahar and Peter Hatfull from the Kresta board at an extraordinary general meeting requisitioned by shareholder Hunter Hall Investment Management.

A condition of the takeover bid was that Mr Trahar would remain on the Kresta board.

Mr Trahar's private company behind the bid, Wildweb Enterprises, said today it would not waive or remove the condition unless it received the minimum valid acceptances.

Wildweb also said the offer would not be extended, and all contracts resulting from acceptances of the offer would be voided if the conditions are not fulfilled.