BRIERLEY BIDS 4.35 DOLLARS/SHARE FOR PROGRESSIVE

  &lt;Brierley Investments Ltd> (BIL)
  launched a full takeover bid for the supermarket group
  &lt;Progressive Enterprises Ltd> at 4.35 dlrs a share.
      BIL said in a statement the offer is conditional on minimum
  acceptances totalling 30 mln shares, just under 25 pct of the
  120.4 mln Progressive shares on issue.
      Progressive is currently involved in a proposed merger with
  &lt;Rainbow Corp Ltd>. Rainbow earlier this week raised its stake
  in Progressive to 52 pct. BIL opposes the Rainbow merger and
  analysts say BIL needs a 25 pct stake in Progressive to prevent
  it occurring.
      The merger involves shareholders in Progressive and Rainbow
  both receiving shares in a new company &lt;Astral Pacific Corp
  Ltd> on a one-for-one exchange basis.
      The BIL bid is higher than the 4.20 dlrs BIL said it would
  offer when it first announced on Monday it would make a full
  bid for Progressive, and it follows much public debate between
  BIL and Rainbow.
      BIL Chief Executive Paul Collins said last week that he
  opposes the Rainbow/Progressive merger because BIL sees
  Progressive shares as being worth twice as much as Rainbow's.
  BIL has not disclosed how many Progressive shares it holds.
      Rainbow has said the merger is soundly based. Chairman
  Allan Hawkins said last week that BIL's actions were aimed only
  at dirsrupting the merger and were not in the interests of
  Progressive shareholders.
      Both Rainbow's and Progressive's boards have approved the
  merger proposal. It has also been approved by the Commerce
  Commission, but BIL's bid is still subject to the Commission's
  scrutiny.
      Progressive shares ended at 4.35 dlrs, Rainbow at 3.42 and
  BIL at 4.17 at the close of New Zealand Stock Exchange trading
  today.
  

