Another battle for Brierleys

Press, 28 April 1981, Page 20

Another battle for Brierleys

IA Brisbane The Queensland Government on Fridav threw its weight behind Bundeng. Ltd. directors' appeal to shareholders not to sell out to southern interests. The deputy premier and

treasurer (Mr Edwards) said that the Government believed the majority of shares in the Bundaberg engineering company should be retained by Queenslanders. But he doubted there would be a repeat of the Government's raid on the stock market late last year to prevent the engineering firms Evans Deakin and Walkers from takeover bv southern companies ANI and Clyde. Dr Edwards said the government supported Bundeng directors’ call to shareholders not to sell despite an

increase in me takeover offer by Industrial Equity Ltd from 120 c to 180 c a share. lEL held 26 per cent of Bundeng stock when it announced the takeover offer, but failed to attract any

1 further shares, and only at- - tracted a small quantity of s Bundeng shares on Friday at ; the higher bid. 1 lEL's brokers will accept all shares offered at the > price until May 8. i The increased offer valued ; Bundeng at $3,671,000 but the directors have forecast a ! strong jump in profit after I tax to about $380,000 in the ' current year to June 30. I Dr Edwards'said although the Government wanted Bundeng to stay in Queensland ; hands, the move to protect EDI and Walkers had been a “rare and unique” action.