Kiwi offer rejected
NZPA Sydney F. H. Faulding and Co, Ltd, detergents manufacturer has rejected a S9.IM take-over offer from Kiwi International Co. Ltd. Kiwi began buying Faulding shares in February, through Melbourne broker Roach, Ward, Guest, and last week disclosed a shareholding equal to 10.43 per cent of the company’s issued capital. Kiwi offered one Kiwi share plus 95c cash for every two Faulding shares (including the proposed one-for-five scrip issue). Faulding’s chairman and managing director (Mr W. F. Scammell) said in a statement last night: “I consider that the offer is completely unacceptable, and it does not reflect the sould tradingposition of Faulding nor the ; exciting prospects for its growth.” Mr Scammell said that he did not intend to accept the offer for his own shares (the Scammell family controls about 20 per cent of Faulding capital) and he strongly advised other shareholders, not to sell.
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Press, 21 April 1979, Page 19
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148Kiwi offer rejected Press, 21 April 1979, Page 19
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