Shares in the New Zealand-based meat company Richmond Ltd, fell a further 10 cents yesterday to NZ$2.75 (US$1.49) as the prospect of a takeover by PPCS receded.

PPCS’s chief operating manager Keith Cooper revealed on Monday that the South Island farmer co-operative would not increase its takeover bid for Richmond beyond NZ$3.05 (US$1.66) a share

The organisation’s chances of becoming the country’s largest meat company were stymied last week when Hawkes Bay leather processor Graeme Lowe grabbed a $10 million blocking stake in Richmond to protect his organisation’s interests.

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