R.M.C. BID WITHDRAWN

Press, Volume CIII, Issue 30438, 12 May 1964, Page 21

R.M.C. BID WITHDRAWN

Offer Too Low (N.Z. Press Assn.—Copyright) LONDON, May 10. Ready Mixed Concrete (United Kingdom), Ltd., has withdrawn its bid for its former Australian parent company, Ready Mixed Concrete, Ltd., Sydney. The British company, together with Colonial Sugar Refining Company, Ltd., had announced a tentative offer of 16s a share for up to 70 per cent of the capital of the Australian company. The directors of Ready Mixed Concrete, Ltd., replied that the indicated offer was too low. A later brief statement then said negotiations had been terminated and no offer would now be made. The bid would have been the largest cash, take-over offer made in Australia, costing up to £18.5 million for the maximum of 70 per cent of the 33 million 5s shares in the Australian company. Victoria Furn. To Expand Victoria Furnishers is to expand by opening a new shop in the St. Albans shopping centre next month. The company has bought the furnishing business of R. J. Bradford at 186 A Papanui road. The shop, covering about 1000 square feet, will be Victoria Furnishers’ second suburban branch. Victoria Furnishers, with its main store on Victoria street, opened its first suburban branch at Riccarton three years ago this month.