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Bega Cheese says it expects to have acceptances for 90 per cent of shares in takeover target Peanut Company of Australia by the time its offer for the company closes.

Chief executive Paul van Heerwaarden said Bega’s $12 million takeover, announced in November, was progressing, with acceptances for 87.7 per cent of PCA issued shares already locked in.

“We expect to have 90 per cent of the issued shares accepting the offer by the closing date of 20 December 2017,” Mr van Heerwaarden said on Friday.

Under its PCA offer, Bega will acquire a 19.99 per cent stake for $1.9 million, followed by an unconditional $10 million bid for all other PCA shares.

Shares in Bega closed on Friday AEDT 12 cents, or 1.6 per cent lower, at $7.44