BID FOR CHAIN GROCERY
Woolworths Not To Raise Offer INJS. Press Associatton—Copyrlfpit) SYDNEY, July 20. Woolworths, Lti, will not increase its offer of £6J6MM ■ for the Matthews, Thompson chain of grocery stores in New Sooth Wales, the managing director of the company (Mr Theo Kelly) said this afternoon. The board of directors had decided not to become involved in an auction, and their offer and conditions, as originally advised, would remain unchanged, Mr Kelly said. . G. J. Coles, the rival chainstore, in a surprise move on Monday, made a takeover offer of about £7,500,000 for Matthews, Thompson in one of the biggest takeover bids in Australian commercial history.
Woolworths made their offer on July 6. Mr Kelly said his company might vary its offer over the next three months while the G. J. Coles offer was current.
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Press, Volume XCIX, Issue 29262, 21 July 1960, Page 17
Word Count
137BID FOR CHAIN GROCERY Press, Volume XCIX, Issue 29262, 21 July 1960, Page 17
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