Elphinstones fights bid
NZPA Brisbane Elphinstones, Ltd, the .vehicle parts wholesaler, has dealt LNC Industries, Ltd, the vehicle parts distributor, a classical take-over defence tactic with the announcement of a one-for-two scrip issue. The directors have also recommended the redemption of the company’s preference capital at 114 c a share and an increase in authorised. capital from sAust2M to SSM. If these recommendations are approved by shareholders at a proposed extraordinary meeting, LNC will have to withdraw its offer documents, which were dispatched to Elphinstones’ shareholders only last Friday, and prepare new ones.
Elphinstone’s directors have made no secret of their rejection of LNC’s S4.IM take-over offer, which includes 100 c a share for the preference capital.
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Press, 18 January 1979, Page 17
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117Elphinstones fights bid Press, 18 January 1979, Page 17
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