$260m Bid By English Firm
(N.Z.P.A.-Reuter—Copyright) LONDON, Aug. 24. A huge British take-over battle loomed today, after the electrical engineering giant, English Electric, flatly turned down a £26om bid from the Plessey Telecommunications and Electronics Group. English Electric, originally a major contributor to the domestic electrical appliance market, has in recent years swallowed up several competitors to diversify into locomotive generators and computers.
The Plessey bid was turned down after a three-hour board meeting, when the English Electric chairman, Lord Nelson of Stafford, announced that after careful consideration it was decided the take-over bid would not be in the interests of the shareholders of English Electric.
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Press, Volume CVIII, Issue 31767, 26 August 1968, Page 13
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106$260m Bid By English Firm Press, Volume CVIII, Issue 31767, 26 August 1968, Page 13
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