Broadlands bid for Leyland withdrawn
(New Zealand Press Association)
AUCKLAND, February 21.
Broadlands Dominion Group, Ltd, has withdrawn its take-over offer for Leyland Investments, Ltd. However, Broadlands will continue buying Leyland shares up to a limit of 50 per cent of the company’s capital.
This information is contained in a circular to Leyland shareholders from Broadbank Corporation, which is handling the bid on Broadlands’ behalf. The decision to withdraw the offer has been made because there appears to be no prospect of discussions between the two companies’ directors reaching a mutually satisfactory conclusion, the circular says.
The directors of Leyland have strongly advised shareholders against accepting the offer.
The offer, made on January
10, involves alternative payments for Leyland shareholders.
Broadlands is bidding 10c cash and debenture stock worth 105 c for each Leyland share. Shareholders who want all-cash payment are offered 105 c.
These bids compare with Leyland’s market price of 95c before the offer was announced, and the current price of 110 c. Although Broadlands is no longer seeking all Leyland’s capital, further purchases will be made on these terms, up to the 50 per cent limit.
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Bibliographic details
Press, Volume CXII, Issue 32847, 22 February 1972, Page 20
Word Count
189Broadlands bid for Leyland withdrawn Press, Volume CXII, Issue 32847, 22 February 1972, Page 20
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