SUPPORT OF FLETCHER
Atlas drops merger plan Through a substantial equity interest in Mainline Corporation of N.Z., Ltd, Atlas Majestic Industries, Ltd has an indirect interest in Milnes, Ltd. Atlas is also a participant in the “Down Town” development. Discussions regarding Milnes, with complementary and interested parties, could have resulted in proposals being made by Atlas for restructuring or acquiring Milnes’. After the advice by Milnes “that there were negotiations in train which could affect the value of their shares” Atlas decided to delay a direct approach to Milnes’ directors until the result of negotiations were made known. A bid by Fletcher Holdings, Ltd, for Milnes’, was announced on June 20, and after consideration it became evident to Atlas that any counter proposal would not be in the best interests of all concerned. Atlas has therefore terminated discussions in respect to Milnes’ and offered full support to Fletcher Holdings.
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Bibliographic details
Press, Volume CXV, Issue 33885, 3 July 1975, Page 18
Word Count
149SUPPORT OF FLETCHER Press, Volume CXV, Issue 33885, 3 July 1975, Page 18
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