Inspection requested

Press, 26 September 1980, Page 10

Inspection requested

Wilson and Horton, Ltd, the Auckland newspaper publisher wants to make a further inspection of the plant • and ’ property of the Manawatu Standard, Ltd, before replying to the bid made by. Independent Newspapers, Ltd, for the control of the Palmerston North

company, according to a Press -Association report. The decision to assess the plant of the Manawatu Standard, which publishes the “Evening Standard” was announced after a Wilson and Horton board meeting in Auckland on Wednesday, after receiving reports that

up to $1 million would have to be spent to upgrade its equipment. The managing director of Wilson and Horton (Mr H. M. Horton) has requested a further inspection of the Standard’s plant and equipment on - October 3. The assistant company

secretary for Wilson and Horton (Mr Jon Hollies) said Wilson and Horton would have to look at the plant of the company before deciding on whether to reconsider its offer. -Wilson and Horton has made a take-over offer of 200 c for each ordinary share and 100 c for each preference share in the Manawatu Standard. Independent Newspapers’ offer is 335 c for all the shares it does not already own. I.N.L. has a 26 per cent stake in the Manawatu Standard. The directors of the Manawatu Standard were to meet yesterday to consider the I.N.L. offer, and the chairman (Mr H. A. Morrison) said that the directors would also consider the'request by Wilson and Horton to inspect the company’s plant.