COMMISSION APPROVES RAINBOW/PROGRESSIVE MERGER

  The Commerce Commission has approved
  a proposed merger between &lt;Progressive Enterprises Ltd> and
  &lt;Rainbow Corp Ltd>, Rainbow said in a statement.
      The merger involves the formation of a new company &lt;Astral
  Pacific Corp Ltd> which will acquire all shares in both
  companies on a one-for-one share exchange basis.
      Rainbow earlier this week lifted its stake in Progressive
  to 52 pct from 44 pct. The statement said a new private
  company, &lt;Transcapital Corp Ltd>, fully owned by Rainbow
  directors Craig Heatley, Gary Lane and Ken Wikeley, will
  purchase this stake for an undisclosed cash sum.
      The Commission has also approved Transcapital acquiring up
  to 45 pct of Astral Pacific, Rainbow said.
      &lt;Brierley Investments Ltd>, which has been a frequent
  critic of the merger, launched a full bid for Progressive at
  4.20 N.Z. Dlrs a share last Monday.
  

