Curtain and blind maker Kresta has received a takeover bid from a subsidiary of Chinese sunshade maker Ningbo Xianfeng New Material, also known as APLUS.
As reported by AAP, Kresta directors said in a statement that shareholders should take no action until they receive KPMG’s independent expert’s report into the $34.34 million (23c per share) bid.
Kresta’s target statement along with the report by KPMG will be sent to Kresta shareholders within 14 days.
The bid will be kept open until August 29. The bidder already holds a 19.9 per cent stake in Kresta.
Kresta's managing director Lu Xianfeng founded Ningbo in 2003. Suntarget, the subsidiary of Ningbo which is making the bid, wants to takeover Kresta so It has greater influence over the company’s business opportunities.
It claims that it has no plans to make major changes to the WA-based company.