Wellington, July 11 NZPA - Potato chip maker Mr Chips has received a full takeover offer from Simplot Australia.

The offer, conditional on a satisfactory report by Grant Samuel & Associates, was for $2.643 per Mr Chips share, and an entitlement to retain a cash dividend of up to $0.257 per share, totalling $2.90 per share.

The offer was also conditional on Simplot achieving acceptances for at least 90 percent of shares.

In May, chairman Graeme Edwards said that an offer of $2.90 per share or above, including any final dividend, would be accepted by major shareholders representing 81.5 percent of shares.

Shares in Mr Chips jumped 5 percent, or 14c, to close at a record high $2.90.

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