Dutch Group Bids To Take Over Pye
(N.Z.P.A.-Reuter—Copyright) LONDON, Jan. 26. The Dutch-owned Philips group today made a formal offer of £3O million for the British television and electronics Pye group.
It had been known for some weeks that Philips was interested in a Pye take-over but publication of the formal offer was delayed pending discussions with the British Government.
Last night the Minister of Technology, Mr Anthony Wedgwood-Benn, said the Government had now obtained from Philips clear undertakings to safeguard British interests in the event of their bid succeeding. The Government had, therefore, granted exchange control consents, “although this does not imply Government support for the Philips offer,” he added. The Philips bid of 12s for each Pye share has been made through a new subsidiary of the U.K. Philips group, specially formed to buy and hold shares in Pye. If the take-over succeeds. Philips has also offered to put an additional £12,400,000 in the new group “shortly.” No comment was forthcoming tonight from the Pye chairman, Mr Frank Duncan, who earlier had agreed to re-
commend a lower take-over bid of 10s 9d made by the British Thorn Electrical Industries.
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Bibliographic details
Press, Volume CVI, Issue 31279, 27 January 1967, Page 11
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192Dutch Group Bids To Take Over Pye Press, Volume CVI, Issue 31279, 27 January 1967, Page 11
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