TAKEOVER BY U.K. PAPERMAKERS

Press, Volume XCIX, Issue 29228, 11 June 1960, Page 16

TAKEOVER BY U.K. PAPERMAKERS

Australian Company Accepts Offer' (N.Z. Press Association-f-Copyright) LONDON, June 9. The directors of the Australian company, Paper Products (Holdings), Pty., Ltd., had accepted an offer from Albert E. Reed and Company, Ltd., to buy its shares, it was announced today. The offer was subject to acceptance by holders of not less than 90 per cent, of the shares, according to a statement made by Reeds in London. Paper Products was a £2,000,000 organisation, owning cdmpanies manufacturing corrugated and solid flreboard containers, cartons and other packaging materials. The statement said that Reeds would form Paper Products into a public company listed on Australian Stock Exchanges with a “substantial element of Australian ownership.” Shares and seats on the board would be offered to the Colonial Sugar Refining Company, Ltd., who had been shareholders in Paper Products for 20 years, and to Edward Dunlop and Company, Ltd., who had represented the Reed paper group in Australia since 1949.

Both companies had said they would accept the offer, the statement said.

Taupo Totara Timber.—Directors report a successful year with increased scales, and profit and have declared a final dividend of 8d a share on the increased capital, payable August 9. Annual dividend is Is a share on old capital and 8d a share on new capital, ex div., August 3.—(P.A.)