Take-over bid for A. J. White
A. J. White, Ltd, has received notice of a takeover bid from H. W. Smith, Ltd; the notice states that the offer will be 110 c for each ordinary share and 105 c for each specified preference share. The offer will not be conditional of minimum acceptances being received.
The A. J. White directors consider that the offer does not reflect the true value of the shares, and recommend to shareholders that they dp not sell. The High Court has granted an. interim injunction preventing the transfer of the Edwards family shareholding. No transfers in .favour of H. W. Smith or United N.Z, Nominees, - Ltd, have been received by the company. The directors have already taken steps to protect the shareholders, and in particular the preference shareholders, against an asset-stripping operation.
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Press, 2 September 1980, Page 24
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137Take-over bid for A. J. White Press, 2 September 1980, Page 24
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