Yorkshire Battle Continues
General Accident Fire and Life Assurance has moved back into the battle for Yorkshire Insurance with another counter-offer. The new bid by General Accident is worth just over 90s for each Yorkshire share, compared with 91s 10jd by the revised bid of Phoenix Assurance. New Bid The bid by General Accident is 11 of its shares and 130 s of 7J per cent unsecured loan stock for every five Yorkshire ordinary shares. It was announced a few minutes before the formal offer by Phoenix, which is 13 shares for every 20 of Yorkshire. Continental Insurance, the American group that has an interest in Phoenix, has now
given up its cash alternative to Phoenix’s earlier offers. Yorkshire Value The latest bid by General Accident values Yorkshire at £40.5m, and the bid by Phoenix places a value of £41.4m. Commentators now believe that the take-over battle will hinge on value terms alone. The decision will depend on the relative strength of Phoenix and General Accident equities.
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Press, Volume CVII, Issue 31519, 6 November 1967, Page 17
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167Yorkshire Battle Continues Press, Volume CVII, Issue 31519, 6 November 1967, Page 17
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