Company News STOCK EXCHANGE SUSPENSION
Take-Over Bidder Not Disclosed (N.Z. Press Association—Copyright) MELBOURNE, January 13. Shares of Lennons Hotels, Ltd., and Lennons Broadbeach Hotel, Ltd., were suspended on both Melbourne and Sydney Stock Exchanges today. The Stock Exchange of Melbourne’s suspension will apply until the directors of Lennons Hotel, Ltd., disclose the terms of the recent offer made to acquire shares in that company and the conditional offers for shares in the associated companies. This follows a refusal yesterday by Mr D. A. McNab chairman of Lennons Hotel, Ltd., to give further information on the take-over bid.
The Brisbane Stock Exchange, which made the request, was told by Mr McNab that it was a condition of the offer that neither the identity of the bidder nor the terms of the offer should be disclosed if the offer was refused. The last Australian Stock Exchange conference decided that when a take-over offer was made and refused without disclosing the terms of the bid. the shares of the company receiving the bid would be suspended until details were given.
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Bibliographic details
Press, Volume XCIX, Issue 29102, 14 January 1960, Page 14
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177Company News STOCK EXCHANGE SUSPENSION Press, Volume XCIX, Issue 29102, 14 January 1960, Page 14
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