Guinness Peat Group (GPG) has succeeded in substantially increasing its holding in diversified publicly listed financial services house, MMC Contrarian (MMC).
With the GPG bid due to end at the close of business today, the company announced at the close of trading on the Australian Securities Exchange yesterday that it had increased its shareholding in MMC to 39.35 per cent as part of its unconditional on market cash takeover bid.
The board of MMC, which has declared its intention to move further into the financial planning space, has urged shareholders to resist the GPG takeover bid.
