Reid Farmers advice on bid

Press, 9 December 1983, Page 10

Reid Farmers advice on bid

The board of Reid Farmers, Ltd, has issued a don’t sell notice in response to the $4 a share offer of Dalgety Crown Corporation, Ltd.

The Reid chairman, Mr R. R. Hudson, yesterday advised shareholders not to sell because discussions were taking place with a third company. A statement would be issued as soon as possible, he said.

Dalgety Crown has instructed the Wellington brokers, Francis Allision Symes and Company, to stand in the market for up to 24.9 per cent of the ordinary capital of Reid Farmers at a price of $4

per share. Dalgety Crown’s chairman, Mr R. B. Weir, said that the corporation, in line with a stated policy of adhering to the stock and station industry, was making an investment in Reid Farmers and does not intend to purchase more than 24.9 per cent.

Reid Farmers had a similar policy and philosophy to that of Dalgety Crown and has performed well over recent years, he said. “The company is well managed and Dalgety Crown feels that an investment by it as a national organisation will benefit Reid Farmers in future years.”