In a statement yesterday, Eskdale – a wholly-owned subsidiary of Hong Kong-based Crosby Capital Partners – said it had received acceptances for 87.25% of Orchard, which recommends its shareholders accept the revised cash offer of 81c for each share.

“The success of the takeover offer now only rests on Eskdale receiving valid acceptances in respect of a further 2.75% of Orchard shares by 7pm on March 15,” Eskdale director Ian Gibbs said.

“If this condition is not satisfied, the takeover offer will lapse.”