	rank makes increased avana offer final ranks hovis mcdougall plc rhml l said it was making an increased and final offer for the avana group plc avna l the company already holds about pct or mln avana ordinary shares it said in a statement the terms of the offer will be new rank hovis shares for every five avana ordinary shares valuing each avana share at p avana shareholders will be entitled to receive and retain the net interim dividend of p per avana share for the year ending march accepting avana shareholders will also be entitled to receive ranks hovis s forecast net interim dividend of p for the financial year ending september ranks hovis said that full acceptance of the increased offer would result in the issue of a maximum of mln new ranks hovis shares or about pct of the enlarged issued ordinary share capital of the company the latest offer will lapse on april ordinary shareholders in avana who accept the increased offer will have the opportunity to elect for cash for all or part of their holdings on the basis of p cash for each avana share ranks hovis said the cash required for the cash alternative would be met by one of several methods for the first mln avana shares received opting for the cash alternative ranks hovis would make a cash payment from its own resources for cash alternatives of more than mln avana shares morgan grenfell as agent for participants will make a separate offer to purchase at p per share net of expenses up to mln ranks hovis new shares to which such shareholders will be entitled under the increased offer this is equivalent to p per avana ordinary in addition ranks hovis will make a further cash payment of p per avana ordinary avana shares traded at p after the announcement p up from last night s close of p reuter 
