I.N.L. announces bid

Press, 24 September 1980, Page 23

I.N.L. announces bid

PA Palmerston North ! Independent Newspapers, Ltd, of Wellington, made a I takeover bid for Palmerston INorth’s “Evening Standard” {yesterday, which more than {matched an existing offer by ;Wilson and Horton. Ltd. the 'Auckland newspaper pubjlisher. I.N.L. offered 3.35 c cash for the 299.029 ordinary I ■ shares and the 37,499 preference shares it does not already own in the Manawatui ■Standard. Ltd. the publisher of the “Evening Standard.’’ i Wilson and Horton’s offer.; )which the Standard directors! I have recommended share-i I holders to re ject, was 200 c i icash for the company’s) :300.000 ordinary shares and :100c for the 150,000 prefer-i ence shares. j

On average. Wilson and Horton’s offer was worth 166 c a share, and the bid made by I.N.L. yesterday ' was at 335 c a share. Mr P. G. Henson, the managing director of the “‘Evening Standard". said yesterday the resident Mana-) iwant directors of the Stan-' ■ dard would meet later this ‘week on the return to the city of the chairman. Mr H. A. Morrison, to consider the i offer. In cash terms. l.N.L.'s bid, I is worth $1,127,368 for the: (shares it does not already' (hold. Wilson and Horton’s) ;offer for the total share--[holding of 450.000 shares] iwas worth $750,000. ; l.N.L.’s offer, like the Wil-,' ;son and Horton bid. is sub-; ijedt to Commerce Commis-!

1 sion approval and is condii tional upon acceptance by 75 Lper cent of ordinary stiare- • holders, or 34.76 per cent of both ordinary and preference i shareholders. I.N.L. already : has a 26 per cent interest in I the Standard. The managing director of 1.N.L.. Mr Alan Burnet, des--1 cribed the offer as “fair and ■ reasonable." but said his company could not be confident it would stave off Wilson and Horton's bid for ■ the "Evening Standard." I The assistant company secretary of Wilson and Horton. Mr Jon Hollies, said (the company had no comiment to make on the I.N.L offer. ] A board meeting was ■ scheduled for today, he said.