General Finance rejects offer
( General Finance, Ltd, has [rejected an approach by the [company which, it believes, [was behind the takeover bid | by Transvision Holdings, I Ltd. | Mr A. H. Armour, the I chairman of General Finance, made the following statement to the Stock Ex- | change Association yesterday. “On November 2. ElecI tronic Renta! Group. Ltd, of the United Kingdom (which [General Finance Ltd understands was the backer of the j Transvision Holdings Limit- ’ ed takeover offer) approached the directors of ■General Finance with a view i to acquiring Group Rentals N.Z. Ltd, the wholly-owned [T.V. rental subsidiary of General Finance. “Because of’this approach, [the board considered it nec- ■ essary to advise the Stock
Exchange Association of the pending discussions. “An offer from Electronic Rentals was received from Mr D. D. Hurley, a .director of that company, who is at preent in Wellington. “In the opinion of the board of General Finance, the consideration offered is totally inadequate and the offeror will be advised of this rejection,” Mr Armour said. The applications, to the Overseas Investment Commission, and Examiner of Trade Practices, by the National Bank of New Zealand, Ltd, and New Zealand Motor Corporation. Limited, to acquire additional shareholdings in General Finance were made some weeks ago, and these were in no way connected with the offer received from Electronic Rentals, he said.
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Press, 21 November 1979, Page 20
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224General Finance rejects offer Press, 21 November 1979, Page 20
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