Boral extends take-over
•:.VZ. Press Assn—Copyright) SYDNEY. Boral. Ltd, has extended its take-over offer for Cyclone Company of Australia. Ltd, to include the 783.888 shares Cyclone is issuing to buy out minority shareholders in its scaffolding subsidiary. Cyclone shareholders approved of the issue on Friday at an extraordinary meeting which had been strongly opposed by Boral. Bora! said yesterday, that tlie extension was conditional on the new shares being ailoted prior to the closing date of the offer, September 10. A second condition was that the subsidiary, Cyclone Double-Grip Scacolding Proprietary. Ltd, did not pay a final dividend for the year ended June 30. Former shareholders of the subsidiary who accepted the offer of five Boral shares for every four Cyclone shares (the alternative offer is 2loc a share) would be entitled to receive Boral’s final dividend to be paid in November. Boral also said it intended to waive tw r o conditions of its formal offer to provide for the share issue, and Cyclone’s preference dividend payment to be made on August 29.
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Press, Volume CXV, Issue 33932, 27 August 1975, Page 19
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174Boral extends take-over Press, Volume CXV, Issue 33932, 27 August 1975, Page 19
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