Sensible merger
PA Auckland The directors of Woolworths (NZ) Ltd, believe that the merging of their business with that of L. D. Nathan and Co, Ltd, will result in a combination of assets and management skills which should provide future growth. As announced, they; recommend acceptance of the bid of three Nathan shares for every seven Woolworths shares, plus 31c a share cash. The activities of the two groups are complementary and present opportunities for greater efficiency with consequential improvement in earnings, Woolworths!
N.Z. says in the formal takeover documents. The L. D. Nathan directors also emphasise this. Not only could the new Wiri warehouse meet the requirements of the Woolworth chain, but L. D. Nathan also sees rationalisation in stockholding, transport, use of premises, advertising, promotional costs, and use of funds. Every effort in trading, initiatives and expense savings would be needed if the group was to hold, let alone improve, the last financial year’s profitability. Associated Wholesalers was expected to be in full occupancy of the new Wiri setup by the end of this ’ month.
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Press, 22 November 1978, Page 30
Word Count
177Sensible merger Press, 22 November 1978, Page 30
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