Talleys Group appears to be defiantly sticking to its 37c a share takeover offer for meat company Affco Holdings, even though shareholders have been slow to quit their shares.
Nelson based food group Talleys announced on Tuesday it had taken its stake from 80.24% to 81.28%, progress Craigs Investment Partners broker Peter McIntyre described as "death by a thousand cuts."
"They are sending a signal to the marketplace that they're not going to move on price," he said.
Talleys bought Toocooya Nominees' 23.46% stake in an agreement before launching the takeover, but since then it has been slow going.
Mr McIntyre said Talleys did want Affco, but was being "very disciplined" in its purchase.
Affco is the largest and Talleys the third-largest shareholder in New Zealand's second-biggest dairy processor, Open Country Dairy, and increasing its exposure in the dairy and meat industries would add to its existing offering of seafood, vegetables and ice cream.
