AUST. CHEMICAL TAKE-OVER
£2m Bid For Die Casters (N-Z.PA.-Reuter— Copyright) MELBOURNE, Sept 19. Australian Chemical Holdings, Ltd., has made a takeover bid for Die Casters. Ltd., and has offered the equivalent of more than £2,000,000 on current market prices for all Die Casters ordinary and preference capital and convertible notes. Directors- of Die Casters announced the bid last bight, and also reported a 56 per cent, drop in group profit from £117.776 to £51,477 for the year to June 30. This caused earning rate on ordinary capital to fall from 16.2 to 7.9 per cent.— not quite covering the ordinary dividend which is being maintained at 8 per cent. Terms of the offer from Australian Chemicals are:
Three 10s ordinary shares for every ten Die Casters 5s ordinary shares or convertible note. Seven 10s ordinary shares for every ten £AI 7 per cent, cumulative preference shares, or 22s cash a share.
Directors of Die Casters recommend acceptance of the offer.
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Press, Volume C, Issue 29623, 20 September 1961, Page 19
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160AUST. CHEMICAL TAKE-OVER Press, Volume C, Issue 29623, 20 September 1961, Page 19
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