Bid For Weeks Succeeds

Press, Volume CII, Issue 30294, 21 November 1963, Page 17

Bid For Weeks Succeeds

The £l.2m take-over bid !for Weeks-Field. Ltd., Christchurch. by United Empire Box Company, Ltd.. Wellington, will proceed. Holders of 81 per cent of the ordinary capital of Weeks have so far accepted the offer of 11 U.E.B. 5s ordinary stock units for every two £1 ordinary .Weeks shares. Weeks directors announced last night that they had received advice from the U.E.B. directors that holders of 81 per cent of the ordinary capital and 95 per cent of the preference capital in Weeks had accepted. “This percentage has been considered satisfactory by the directors of U.E.B. and stock units in U.E.B. have been allotted in exchange for those ordinary shares of Weeks in terms of the offer,” the announcement said. “Preference shares will be allotted to the Weeks preference shareholders electing to accept shares once the preference capital of U.E.B. has been increased, and a meeting is being called early in December for this purpose. Weeks preference shareholders electing to receive cash in exchange for their shares will receive payment in terms of the offer this week.”