NO BID BY BORAL

Press, Volume CIII, Issue 30511, 5 August 1964, Page 21

NO BID BY BORAL

Speculation Ended

(N.Z. Press Assn.—Copyright)

SYDNEY, August 4.

Speculation that Boral, Ltd., was a potential bidder for Ready Mixed Concrete, which arose with the appointment to the R.M.C. board of Boral’s executive officer, Mr E. R. Griffin, ended today.

In a brief statement Boral directors made it quite clear that Boral was not a bidder for the whole or any part of the capital of Ready Mixed Concrete. Since the announcement of Mr Griffin’s appointment to the board, R.M.C. shares — under take-over notice from a joint offer from the Colonial Sugar Company and Blue Metal Industries—moved up 2d to 14s 9d and lifted as high as 15s 2d as speculation mounted on the possibility of an alternative to the combined offer of the two companies. Present Offer As it now stands R.M.C. shareholders have received a shares exchange offer from C.S.R. and 8.M.1. which is going direct to shareholders following its failure to be recommended by a majority of the R.M.C. board. Two R.M.C. directors have indicated their intention to accept the offer on their own account.

It is believed that many shareholders deferred their decision to accept or reject the joint offer after Mr Griffin had been appointed to the R.M.C. board. Under the original terms of the issue the offer remains open until August 16.