‘Bid inadequate’
The board of Norman Ross Discounts, Ltd, met yesterday to discuss a surprise $l7 million take-over bid by Grace Bros Holdings, Ltd. The managing director. Mr I. J. Norman, has already branded the offer of 500 c a share ‘inadequate.’ Mr Norman said that it was unlikely the Norman Ross board would reject the Grace Bros offer out of hand. "But if you are asking me. as a director, I don't think it (the. offer) is enough,” he said. . Norman Ross shares fin-
ished trading 134 c higher at 504 c in Sydney on Monday indicating that some investors also believe that the Grace Bros bid is inadequate. The ‘announcement of the offer came after, a day of hectic trading in Norman Ross shares which ended with Grace Bros picking up about 17 per cent of the target company’s issued capital. Norman Ross business is concentrated in NSW but the group also has outlets in the ACT, Darwin, and Queensland.
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Press, 2 June 1982, Page 28
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162‘Bid inadequate’ Press, 2 June 1982, Page 28
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