OFFER FOR STEELE’S
New Move By U.E. Box ’ (N.Z. Press Association) AUCKLAND, April 5. United Empire Box Company, Auckland-based packaging group, announced it had purchased a majority interest in the Auckland firm of Steele’s Carpet Industries—less than 24 hours after news of its take-over offer for Ross and Glendining. An offer will be made to the remaining shareholders in Steele’s on the same terms as the original purchase. These are three fully-paid U.E. Box 5s stock units plus Is 6d cash, for each 10s fully paid Steele’s Carpet shares. It is understood that directors of Steele’s Carpets will recommend acceptance of this offer which is expected to be posted to shareholders next week. Steele’s Carpets earned a consolidated net profit of £49,421 in the year to March 31, 1965, returning an earning rate of 27.2 per cent on average shareholders’ funds and 28.2 per cent on capital. Shareholders’ funds then were £197.585, including capital, all ordinary, of £175,150 in 10s shares.
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Bibliographic details
Press, Volume CV, Issue 31028, 6 April 1966, Page 21
Word Count
161OFFER FOR STEELE’S Press, Volume CV, Issue 31028, 6 April 1966, Page 21
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