Take-over bid for Email

Press, 21 April 1984, Page 21

Take-over bid for Email

NZPA-AAP Sydney Shopping Centres Pty, Ltd, part of the Austram group, and Pinna Pty, Ltd, part of the Fayman group, have launched a partial bid for the whitegoods manufacturer, Email, Ltd, that values the group at 5Au5t132.5 million. The two companies say they will offer 170 c for each Email share, seeking to take their holding to 50.1 per cent from their present 7.09 per cent. Shopping Centres’ chief executive, Mr Efrem Goldhammer, and Pinna’s chief executive, Mr William Fayman, said on Thursday the offer should be extremely attractive to Email shareholders because the price exceeded the highest market price that Email shares had achieved. Both suitors are invest-

ment companies and property developers. If the partial take-over is successful, they will investigate Email’s business activities with an eye to improving performance and profit. Email makes whitegoods under several leading brand names, including Kelvinator, Metiers, Frigidaire and Westinghouse. It holds manufacturing licences for Australia and New Zealand, covering more than 30 companies, and exports more than 50 product lines to 30 countries. The major shareholder in Email, with a 10 per cent holding, is the United States-based White Consolidated Industries Inc, which is one of Email’s principal licensors.