Seven Group Holdings Limited (ASX:SVW) has boosted and extended its takeover bid for equipment hire company National Hire Group Limited.
Seven Group already controls more than 67 per cent of National Hire and has raised its offer by 35 cents to $3.35 per share to acquire all the shares it does not already own.
If Seven reaches a 91.55 per cent stake in the company it will increase the offer price to $3.75 per share, which values National Hire at around $557 million.
In response to the increase, two of National Hire’s three independent directors have decided to recommend shareholders accept the bid.
This offer is scheduled to close on December 5, 2011.
In the 12 months to June 30, 2011 Seven Group posted a net profit of $80 million.
