CSR raises AAR bid
CSR Ltd, intends to increase its offer to acquire the shares in AAR. Ltd, to which it is not presently entitled. The increased offer will be one CSR share, plus 180 c cash for each 2 AAR shares. The value 245 c an AAR share based on a CSR share price of 309 c (last sale on The Sydney Stock Exchange on October 14), and 258 c an AAR share based on a CSR share price of 335 c (mean of highest and lowest CSR share prices this year). The CSR shares so issued will rank for the interim dividend payable in December, 1977. Last year the interim dividend was 7.5 c a share. If this is repeated this year a further 4c approximately an AAR share will accrue. The alternative is 230 c in cash for each AAR share.
AAR shareholders who have already accepted CSR’s offer will receive the in« creased consideration.
We will be despatching as soon as possible a formal notice of variation of the offer.
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Press, 19 October 1977, Page 27
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174CSR raises AAR bid Press, 19 October 1977, Page 27
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