PPR Group announced on Tuesday that its stake in Puma has grown to 62.1 percent, in response to an extended tender offer launched through an investment arm, Sapardis. The announcement comes three months after PPR initially bought a 27.1 percent stake in the German athletic company at an agreed price of €330 per share on April 10 from its former major shareholder, the Mayfair investment company of the Herz family. A voluntary public takeover offer by PPR to buy the remaining shares at the same price kicked off on May 14, but it led the French group to increase its stake to only 33.2 percent. Shareholders were evidently pushing for a higher-priced offer, but PPR kept it at €330 in announcing an extension of the acceptance period until July 11, dashing their hopes and triggering a decision by half of them to sell. The price values Puma at €5.3 billion, a level that would have been hard to finance for PPR. The parent company of Gucci and other luxury brands had previously indicated that it was prepared to invest only about €1 billion in an acquisition.