	rainbow lifts progressive stake to pct rainbow corp ltd said it has lifted its stake in supermarket group progressive enterprises ltd to pct from pct it said in a statement it has bought an extra mln shares at prices ranging from n z dlrs to progressive is currently the subject of both a proposed merger with rainbow and a full takeover bid from brierley investments ltd bil the bil bid launched on monday is at dlrs a share the rainbow merger involves shareholders in both rainbow and progressive being issued shares in a new company astral pacific corp ltd on a one for one basis rainbow chief executive craig heatley said in our opinion bil s actions over the last few days have been undertaken for their own strategic purposes which conflict with the desire of both companies to merge their interests bil has said it is against the merger because it sees progressive shares as being worth twice as as much as rainbow s progressive traded today at rainbow at and bil at at the end of morning trading on the new zealand stock exchange reuter 
