Fund management Regent Pacific Group's hostile takeover bid for Pioneer Industries International (Holdings) suffered a setback yesterday when it closed with acceptances reaching only 22.5 per cent of Pioneer shares. Regent said yesterday it now applied to extend the bid for a fortnight until May 28 in an attempt to win more acceptances. The acceptances received were almost entirely attributable to Regent and its associates, which accepted for 19.78 per cent. The remaining 2.71 per cent of acceptances came from other Pioneer shareholders. According to a statement released last night, Regent and its associates will hold 24.1 per cent of Pioneer if the bid becomes unconditional. In 1995, Regent first bought 20 per cent of the investment holding company, controlled by the Gaw family and related parties which collectively hold almost 54 per cent. The fund management group said it had not yet decided whether to revise the terms of the bid, which offers shareholders a 25-cent cash dividend and a three-year $1.50 loan note. Regent corporate finance executive Ascanio Martinotti yesterday defended the poor result, saying that the deadline had been extended 'for many objective reasons - the major one is we want to give more time to Pioneer shareholders. If we thought the offer was a failure, we wouldn't have spent more money extending the deadline and would have terminated it.' Regent - which has established a reputation for aggressively acquiring undervalued firms or assets in an attempt to realise shareholder value - launched a fruitless attempt two years ago to liquidate Pioneer in order to cash in its assets such as a 3.77 per cent stake in Bangkok Bank. Regent has vowed to restructure Pioneer, including selling the Bangkok Bank stake - now worth $600 million - if it succeeds with its latest takeover bid. 'I never thought Regent would succeed with the existing offer. It is not attractive and is unfair to Pioneer shareholders,' Pioneer deputy managing director Kenneth Gaw said. Pioneer directors and independent adviser Platinum Securities are recommending shareholders reject the offer given the uncertainty over the three-year loan note and a huge discount of the cash offer to Pioneer's share price. The cash offer was an almost 82 per cent discount to yesterday's close of Pioneer shares at $1.38. In spite of Pioneer's various valuable assets, the company suffered a $110.5 million exceptional loss largely from exchange loss from a Thai subsidiary in the 11 months ended in February. This caused a $52.4 million net loss.