NEW BID FOR TUDOR

Press, Volume CI, Issue 29911, 27 August 1962, Page 5

NEW BID FOR TUDOR

Offer From Lane Walker

Lane, Walker. Rudkin Industries. Ltd.. Christchurch, is making its third bid in less than a month for Tudor Hosiery, Ltd., also of Christchurch, and letters giving details are being mailed to Tudor shareholders. Lane, Walker's earlier bids were made to Tudor directors, but the latest offer is being made direct to the shareholders. An offer had been made by Lane's Hosiery, Ltd., of Levin, and Tudor directors had unanimously agreed to accept the offer and recommended shareholders to do the same, the chairman of Tudor Hosiery (Mr W. C Fairbrother) said last evening.

A circular outlining the terms of Lane’s Hosiery offer had been mailed to shareholders on Friday.

Since then the new approach from Lane, Walker. Rudkin had been made by telegram to Tudor shareholders, he said. The terms of Lane's Hosiery's offer are 20s in cash for each Tudor Hosiery preference share, plus 6 per cent, interest in lieu of a dividend from March 20. 1962, to the final date of purchase, as well as the 1961-62 6 per cent, dividend, and 25s in cash for each 20s ordinary share in Tudor Hosiery. Lane's Hosiery offer is conditional upon it being accepted by 90 per cent, of Tudor shareholders or such less percentage as may be acceptable to Lane’s Hosiery. Advising acceptance of the offer, the circular says that directors recommend the sale of Tudor because of changes from fully-fashioned to seamfree hosiery, import licences and overseas funds difficulties and the chance of a loss for the third year running Lane's Hosiery intended manufacturing in the present premises in Christchurch, to keep present staff and to add more plant to make a more economic unit.

Signed by Mr Fairbrother, the circular says that shareholders deciding to accept should have their acceptances in the hands of Lane’s Hosiery by September 10 at the earliest and September 21 at the latest, although the offer remains open until September 30. Mr Fairbrother said "don’t sell" advice given to shareholders early in July was connected with a bid by another hosiery organisation, but this offer "had been allowed to lapse.” Lane. Walker had made an offer about two weeks ago. but it was considered at the same time as that by Lane's Hosiery and directors of Tudor had decided to accept the Lane's Hosiery offer and recommend it to shareholders, he added. (