RAINBOW LIFTS PROGRESSIVE STAKE TO 52 PCT

  &lt;Rainbow Corp Ltd> said it has
  lifted its stake in supermarket group &lt;Progressive Enterprises
  Ltd> to 52 pct from 44 pct.
      It said in a statement it has bought an extra 9.4 mln
  shares at prices ranging from 3.80 N.Z. Dlrs to 4.80.
      Progressive is currently the subject of both a proposed
  merger with Rainbow and a full takeover bid from &lt;Brierley
  Investments Ltd> (BIL). The BIL bid, launched on Monday, is at
  4.20 dlrs a share. The Rainbow merger involves shareholders in
  both Rainbow and Progressive being issued shares in a new
  company, &lt;Astral Pacific Corp Ltd>, on a one-for-one basis.
      Rainbow chief executive Craig Heatley said, "In our opinion
  BIL's actions over the last few days have been undertaken for
  their own strategic purposes which conflict with the desire of
  both companies to merge their interests."
      BIL has said it is against the merger because it sees
  Progressive shares as being worth twice as as much as
  Rainbow's.
      Progressive traded today at 4.42, Rainbow at 3.66 and BIL
  at 4.30 at the end of morning trading on the New Zealand Stock
  Exchange.
  

