Bundaberg bids for Bundeng

Press, 29 April 1981, Page 23

Bundaberg bids for Bundeng

PA Brisbane Bundaberg Sugar Company,' Ltd, will offer 190 c a share for the shares in Bundeng, Ltd, it does not already own, the chairman (Sir Roderick Proctor) announced. The bid values the sugar industry equipment supplier at $3.9M and tops the onmarket offer by Industrial Equity, Ltd. of 180 c a share. Buiidaberg already holds 14.5 per cent of Bundeng. Sir Roderick said Bundaberg expects to deliver a part statement as soon as possible this week. It also intends to purchase shares on the market at 190 c to a limited extent. He noted that Bundeng’s engineering workshops are in Bundaberg, close to Bundaberg Sugar’s raw sugar mills,

refinery, and distillery. The company had become an important provider of equipment to Bundaberg Sugar and the sugar industry generally. He said that Bundaberg Sugar saw considerable potential for Bundeng’s activities to be expanded to accommodate projected industrial growth in Queensland as well as planned developments in the Bundaberg region. Acquisition of Bundeng was a logical step in the advancement of the Bundaberg sugar group, and its operations would complement those of Bundaberg Sugar, Sir Roderick said. Bundaberg Sugar’s managing director (Mr Roy Deicke) is chairman of Bundeng.