K.P. bid still at 300c

Press, 27 August 1977, Page 18

K.P. bid still at 300c

The directors of Kempthoroe Prosser and Com■pany, Ltd, who met in Dune- ' din yesterday, have decided not to increase their offer for the A shares in Domi-

nion Fertiliser Company, [ (Ltd. They believe that the i prices for Dominion shares I now being paid are specula-1 i tive. However, they say that t [ this decision will be subject: Ito review as circumstances warrant. Contradictory claims are being made by the parties in [this take-over battle, with 'suggestions by both sides [that anybody who accepts j the effher side’s offer is was-: (ting his time (and money). “As you will have seen from newspaper reports, the intended offer by the Ravensdown company’is subject to acceptances totalling 60 per cent of the shares on the A register or such smaller percentage as approved by the. directors with the consent df| producer boards,” the K.P. directors say. “In view of the present holdings of our company and other parties, it seems highly unlikely that the Ravensdown company will ac- ■ quire an acceptable number of shares.” But Mr P. H. Elworthy, chairman <ff the Ravensdowm Fertiliser Company, says that his company has con- [ trol of more than 50 per, cent of the Dominion A [ shares, and he is confident that the K.P. bid will be