TATTERSFIELD TO ACCEPT FELTS BID

Press, Volume CVI, Issue 31319, 15 March 1967, Page 19

TATTERSFIELD TO ACCEPT FELTS BID

(New Zealand Press Association) AUCKLAND, March 14. The directors of Tattersfield, Ltd., Auckland mattress and carpet manufacturer, consider that acceptance of the take-over offer from Felt and Textiles of New Zealand, Ltd., is in the shareholders’ best interests.

As previously announced, Felt and Textiles has offered one ordinary 10s share for every 10 ordinary shares in Tattersfield. Tattersfield shareholders will receive the 3J per cent interim dividend, payable on April 1, and Felt and Textiles shares issued in exchange for their holdings will qualify for final dividend in the year to June 30. Mr J. N. Tattersfield, chair-

i man of the Auckland firm, 'says in a circular to shareholders that the directors were influenced in their decision by the following factors: — Current trading conditions and future prospects. The wider spread of activities of Felt and Textiles. The substantial economies which could result from the amalgamation of both companies manufacturing similar products. The higher dividend and earning rate of Felt and Textiles.

Mr Tattersfield says that extra expenses forecast for the carpet company during the first quarter of the current financial year, together with greater competition, have necessarily affected its profit Messrs J. N. Tattersfield, managing-director, and J. W. Tattersfield, assistant-manag-ing director, will retain their present positions, and employees will retain their jobs, says the circular.