Shares of Fletcher Building jumped up today with investors continuing to analyze it's not-so-friendly takeover bid for the Australian company Crane Group.

In the very initial few minutes of trading today itself, shares of Fletcher Building increased by 8c up to 783, and the investors looked on more favorably on the bid, which puts Crane's worth at $A740 million ($NZ982 million). However, the stock traded much low at 763 prior to closing at 772, low by 3c.

According to James Lee, the chief of the institutional equities at First NZ Capital, currently there is an anti-situation as a few people feel and have expressed that they are paying too much while other people are saying that they won't buy shares from Crane since here they have to pay more.

He added that they required some clarity from Crane and even more from Fletcher Building regarding what they will be achieving from the deal.

Around 40% of Crane's shares are held by retail investors, and therefore it is important that the independent directors are recommended.

The benchmark index NZX-50 shut at 4.146 points at 3293.777, equivalent to 0.126 percent.