Ceramco bid withdrawn
PA Auckland Ceramco, Ltd, has withdrawn its take-over bid for MSI Corporation Ltd. By announcing a bonus issue and dividend increase contrary to the terms of the offer, the MSI directors have invalidated it and prevented their shareholders from accepting it, Ceramco’s chairman, (Mr J. C. Fair) said.
In Ceramco’s opinion the offer was clearly in the interests of MSI shareholders, staff and company. “We believe that quite apart from the immediate capital gain for MSI shareholders, the Ceramco shares are an excellent investment for the future,” he said.
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Press, 21 December 1978, Page 18
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92Ceramco bid withdrawn Press, 21 December 1978, Page 18
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