The board of leading New Zealand apparel maker and takeover target Bendon Group Ltd said on Tuesday the company had been valued at NZ$1.94 to NZ$2.19 a share by independent appraisers. The independent appraisal, which valued the Bendon subsidiary at NZ$37.9m-NZ$45.4m (NZ$1.23 to NZ$1.47 a share), follows a bid of a NZ$38.5m bid from a consortium led by managing director Hugo Venter.