By close of trading in New Zealand today, GPG's NZ$1.20 per share offer had been accepted by shareholders between them owning more than 55 per cent of the apple and pear marketing group. This was enough to return Gibbs to the chairmanship he lost eight months ago to fellow corporate raider Bille Birnie of FR Partners.

GPG, which held a nearly 20 per cent share, launched the takeover bid last month following the opening of a bitter rift with FR Partners. The latter offered its near 20 per cent share conditionally on GPG securing a majority of shares, i.e. slightly more than a further 10 per cent.

Gibbs was quoted in the NZ press saying the response to the offer was 'very satisfactory' and that the takeover had been 'very well received by growers'.

Enza's independent directors hesitantly recommended growers take GPG up on its share offer following an independent report by consultancy Ferrier Hodgson which indicated that the proposed restructured Enza would be in a good position to compete in the newly deregulated marketplace.

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