Publisher paid $1.2M for Reed
NZPA London Associated Book Publishers has announced in London that it has paid SNZO million for the Well-ington-based publisher, A. H. and A. W. Reed, Ltd.
On October 26, a Wellington lawyer acting for ABP, Mr Alister Mac Alister, said the British publisher would be able to take over Reed after shareholders passed a special resolution allowing shares to be sold to nonshareholders.
He said then that the ABP offer of $3 a share for the 400,000 $1 shares made in early October was conditional on getting 90 per cent of the total. Mr Mac Alister said he was confident the offer would become unconditional and he had indications the Singapore Straits Times Company, which held 46 per cent of Reed, would sell. ABP, which also owns publishing houses in the United States, has an Auckland subsidiary, Associated Book Publishers (N.Z.), Ltd, publishing technical books. Reed’s pre-tax profit for the year ended March 31 was $183,000, and net assets at that date were $1.2 million.
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Press, 9 November 1983, Page 46
Word Count
170Publisher paid $1.2M for Reed Press, 9 November 1983, Page 46
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