Gear directors plan to oppose Borthwick bid

Press, 25 May 1977, Page 22

Gear directors plan to oppose Borthwick bid

:PA Wellington' ) The directors of the Gear 'Meat Company’, Ltd, will strenuously resist the take-1 over bid by Thomas Borth-’ wick and Sons, Ltd. j This was made clear at Parliament yesterday morn-i ing by the managing director ' of Gear. Mr L. A. Cameron, who with Sir Philip Proctor, a Gear director, spent more ; than an hour talking with

■ After the meeting report-' ers asked Mr Cameron whether his attitude to the outcome of a bid by Thomas (Borthwick and Sons (A’Asia) ILtd, was one of optimism or pessimism. “I am very optimistic about the whole thing. After (all, I believe it is a matter of the respect New Zealand-. ■ ers have for companies such * as ours.” * Asked whether thi? meant that the directors of Gear, would be fighting any!, proposal by Borthwicks, Mr 1 Cameron said: “We will be resisting absolutely the take-1 over,” ,

' Mr Maclntyre would not comment after the meeting, other than to say that he was expecting a letter from Borthwicks. The proposal had many .steps to go through yet before he as Minister could comment substantially on it. I Mr Cameron said that the .meeting was at his request to brief Mr Maclntyre on developments so far. The company had had no (further contact with Borth- ; wicks. The British company was t not going to announce its; ! terms until after the propo-■ sal had been studied by the' statutory bodies set up for the purpose. These include the Over-' seas Investment Commis-! sion. the Commerce Commission, and the Meat (Board, and Meat Industry! (Commission.