Bid Wihdrawn By Brit. Tob.
(N.Z. Press ASSn.—Copyright) SYDNEY, July 21. British Tobacco yesterday withdrew its offer to take over the soft drink firm of Marchant and Company, Ltd. It said that it was withdrawing because the Marchant board would not recommend the offer to shareholders and because the Marchant board had not clarified the financial position nor given any indication of what it had in mind to rebuild the group.
British Tobacco said that Marchant shareholders and unsecured creditors had “an inadequate and incomplete picture” of the financial position of their group. It was the responsibility of Marchant’s board to clarify the position.
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Press, Volume CIII, Issue 30499, 22 July 1964, Page 21
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104Bid Wihdrawn By Brit. Tob. Press, Volume CIII, Issue 30499, 22 July 1964, Page 21
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