Battle for H and P warms up

Press, 27 May 1981, Page 29

Battle for H and P warms up

PA Auckland Fisher and Packet Industries, Ltd. has flung down the gauntlet to Feltex N.Z., Ltd, which is making a bid to buv a controlling interest in Henderson and Pollard, Ltd. Fisher and Paykel, which already has a 21 per cent stake in Henderson and Pollard. yesterday- mounted a bid to increase its holding to 40 per cent. The Examiner of Commercial Practices has sanctioned the move. As a consequence, two sharebroking firms. Buttle Wilson in Auckland and O'Connor Grieve in Welling-

ton. stood in the market, when trading opens yesterday morning, for a total of one million shares. The directors of Fisher and Paykel said they shared the view of the H and P directors that the Feltex-bid was unacceptable. They said it was-preferable for F and P to increase.'its holding in H and P to a point at which it could help protect the interests of other shareholders. Fisher and Paykel seemed to be past the half-way mark in response to its bid after early business on the Stock Exchange today. But the battle may only be warming up.

Yesterday Feltex's response was to contact sharebrokers to say that it was awaiting legal advice before deciding what steps would be taken. Fletex's concerns are understood to hinge on the fact that the Fisher and Paykel bid has the approval of the Examiner of Commercial Practices while its offer does not at this stage, despite the fact it was lodged with the Examiner first. Also, Feltex is understood to be concerned that its bid has had to be formally made to all shareholders r ather , than on the market.