BID FOR PATONS AND BALDWINS
(N.Z.P.A.-Reuter—CopvrigMi MELBOURNE. Sept. 20. J. and P., Coats, Patons and Baldwins, Ltd., United Kingdom parent company of Patons and Baldwins (Australia), Ltd., has offered about £2.123,000 to acquire all the ordiMry and preference shares held in Australia. The offer is one £1 sterling J. and P. Coats share — worth the Australian equivalent of 55s 7’4d in London — or 55s cash. The United Kingdom comnany also has offered 20s cash for each £l, 5 per cent, cumulative preference share. The offer covers only about one-third of the £1.500,000 ordinary issued capital, of which the United Kingdom company holds about a twothirds interest. The bid involves £1,373,350 for the 499.400 £1 ordinary shares held in Australia and £750.000 for the preference capital. Yesterday’s offer follows the merger of the United Kingdom Patons and Baldwins company with J. and. P, Coats last year. Offers Commended The Australian directors of Patons (Australia) have stated that they have carefully considered these offers and found that they are fair and reasonable.
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Bibliographic details
Press, Volume C, Issue 29624, 21 September 1961, Page 19
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170BID FOR PATONS AND BALDWINS Press, Volume C, Issue 29624, 21 September 1961, Page 19
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