OFFER FOR T.N.T.

Press, Volume CVI, Issue 31134, 10 August 1966, Page 21

OFFER FOR T.N.T.

Discussions Ended (N.Z. Press Assn.—Copyright) SYDNEY, August 9. Talks on the proposed takeover offer by the British Transport Development Group, Ltd., for Thomas Nationwide Transport have been discontinued. In a brief announcement to the stock exchange, the chairman and managing director of T.N.T., Mr K. W. Thomas, does not give the reasons for the discussions being ended. However, it is believed that the bid was stopped by lack of Reserve Bank approval. Almost two months ago T.N.T. announced that discussions had begun which could lead to a take-over offer for the whole of the company’s paid capital. Rejected Last month it was learned that a share exchange proposal agreed to by T.D.G. and T.N.T. directors had been rejected by the Reserve Bank. T.N.T. directors renewed the application to the bank giving reasons why they intended to recommend the offer and asking for guidance as to how an offer might be presented which would receive the approval of the authorities. It has been reported that the Reserve Bank might be prepared to approve a cash offer but not a share exchange. However, T.D.G. was regarded as unlikely to gain approval from the Bank of England for a cash offer which could have required up to 10m dollars.