Company News MACKY, LOGAN CALDWELL

Press, Volume XCIX, Issue 29246, 2 July 1960, Page 16

Company News MACKY, LOGAN CALDWELL

Two Takeover Offers

(New Zealand Press Association) AUCKLAND, July 1. Alliance Textiles, Ltd., Oamaru, has made an offer equivalent to £213463 for the £85.000 share capital of Macky, Logan. Caldwell, Ltd., Auckland. The Stock Exchange Association was also advised today that Bing, Harris and Company, Ltd., Wellington, proposed to make a bid for the shareholding of Macky, Logan, Caldwell.

The Alliance Textiles offer Is three Alliance stock units, of a nominal value of 5s each, for each of the 85.000 £1 shares in Macky, Logan, Caldwell. Shareholders will be advised on Monday of the full terms of the offer, which is subject to acceptance by 90 per cent, of the shareholders and also to the consent of the lssues Committee. In a joint statement today, the chairman of directors of Macky, Logan, Caldwell, Ltd. (Mr H. M. Rogerson, of Auckland) and the chairman of directors of Alliance Textiles, Ltd., Oamaru (Mr L. H. Whyte, of Wellington), said that provision had been made for an interim dividend of 9d a share to the shareholders of Macky, Logan, Caldwellfor the six months ending July 19. It was intended, they said, that Macky, Logan, Caldwell would be carried on with its present name and employing its present executives. Share Prices Compared Macky, Logan, Caldwell, which was originally established in 1881 and reconstructed in 1934 is well known throughout the country as a softgoods warehousing company, with freehold premises in Anzac avenue. The £1 shares were last traded on June 16 at 30s.

Alliance Textiles is the new company which arose from the merger of Interests of the Oamaru Worsted and Woollen Mills, Ltd., and the Timaru Worsted and Woollen Company, Ltd. At today’s Wellington price of 16s 9d for Alliance the bid for Macky, . Logan, Caldwell shares amounts to 50s 3d a share.