Hoyts offer ‘formality’
NZPA Sydney Hoyts Theatres, Ltd, is making a sAust2.3M takeover offer for Goddard Industries, Ltd, the amuse-ment-machine company. Hoyts offers 130 c a share, which compares with a last sale price on the Sydney exchange of 100 c a share and a net tangible asset backing of only 78c a share, according to the last balance sheet.
The offer carries obvious logic for Hoyts, which has placed amusement machines in its theatre complex in George Street, Sydney, said by the company to be the biggest of its kind in the world. The success of the offer appears to be a formality, the announcement being issued by both Hoyts and Goddard’s directors, who said they had held detailed discussions.
Hoyts, which already owns 3.6 per cent of the capital, has entered into an agreement with Goddard Investments Proprietary, Ltd, which holds 48 per cent, requiring Goddard Investments to accept the offer when it is formally made.
The take-over will be subject to the approval of the Foreign Investment Review Board, since Hoyts is controlled by the Twentieth Century-Fox Film Corporation, of the United States.
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Press, 22 June 1978, Page 14
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186Hoyts offer ‘formality’ Press, 22 June 1978, Page 14
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