	brierley offer for progressive still valid brierley investments ltd bil said its offer of n z dlrs per share for supermarket group progressive enterprises ltd still stands although rainbow corp ltd said today it has pct of progressive bil said in a statement it will review events on a daily basis rainbow announced earlier that it had increased its stake in progressive to pct from pct through the purchase of mln shares at between and n z dlrs per share bil chief executive paul collins said all rainbow has done is to outlay a substantial amount of cash to purchase shares from parties who presumably were supportive of the merger rainbow has proposed a merger with progressive to form a new company astral pacific corp ltd under the merger shareholders in both progressive and rainbow will be issued shares in the new company on a one for one basis quite simply rainbow should now bid for the balance of progressive enterprises at n z dlrs per share collins said reuter 
