Brierley Offer For N. Steam Inadequate’
(N.Z. Press Association) AUCKLAND, Feb. 5. The directors of the Northern Steam Ship Company, Ltd, said today that on a preliminary assessment they regarded the take-over bid by R. A. Brierley Investments, Ltd, as totally inadequate. They would report fully to shareholders as soon as possible. ' Brierley yesterday offered one 50c share plus 100 c cash for every five Northern Steam Ship shares, which sold before the bid at 77c. With Brierley shares selling at 385 c, the offer values Northern Steam shares at 97c. They sold at 95c on the Auckland Stock Exchange this morning. Brierley said yesterday that it already controlled 10.2 per cent of Northern Steam’s capital. But five months ago the share register showed its holding as only 2.41 per cent, with approval denied for any further transfers to Brierley.
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Press, Volume CIX, Issue 32215, 6 February 1970, Page 16
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140Brierley Offer For N. Steam Inadequate’ Press, Volume CIX, Issue 32215, 6 February 1970, Page 16
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