REPCO REVISES BID FOR A. COMPONENTS

Press, Volume CIII, Issue 30632, 24 December 1964, Page 8

REPCO REVISES BID FOR A. COMPONENTS

f.V.Z. Press Association—Copgriffhti MELBOURNE, December 23. Repco. Ltd., automotive spare parts group, has revised its bid for Automotive Components, Ltd., whose directors have agreed to recommend acceptance of the revised offer.

They said they were still examining two other approaches which had been made after the Repco bid and the outcome of these moves would not be known tor some time. They added that the future prospects of the group, coupled with the loss of income and reduced asset backing arising from the Repco offer, had led them to recommend rejection of toe bid. Amended Offer The amended offer is worth about 8s 6d for each 5s Automotive Components' share against toe 7s Sd a share represented by last month’s bid. The new terms are one ordinary 5s Repco share plus 2s 3d cash for every three shares held in Automotive Components. This places a value of just over £2.lm on toe group. Early in November, Repco offered two ordinary shares !4»d Is &d cash for every Automotive Contpow-e-ts' shares in a bid worth £LMI Automotive Components' directors rejected the first Repco offer last week.

If toe latest bid succeeds the 1.668.000 5s shares issued to Automotive Components' shareholders will not receive the interim dividend far toe six months to December 31. New Issue In addition, they will not be entitled to take peri in the oneforeight new issue hetofi made at a Ss prenuntn Ky Repco early in January . Announcing the reviAevl offer, directors of Kepis' said that the boards of belli companies had asteed to tuauv tain the separate fdoniUX Of Autonwiive CmponeM*-.

The? said thev would VSUb ,'iisb piweue the hu*iue*s 4 the company m aU its va»doua facets