Gregg’s offer

Press, 24 July 1984, Page 30

Gregg’s offer

PA Dunedin Merger talks between Gregg’s Ltd, and Cerebos New Zealand, Ltd, have been going on for a year or so, according to the offer document from Cerebos Gregg’s, Ltd. The offer includes a cash price of $3.58 per share for all the issued ordinary shares of the Dunedin-based coffee and food processing company. The Gregg’s chairman, Mr C. D. Baker, said the board was influenced on seeking a merger by the need to establish a representation overseas, in particular with developments under C.E.R. “Whilst we enjoy a strong domestic market presence Cerebos offers this overseas

representation just as we offer to them a strengthened market presence in New Zealand,” Mr Baker said in the offer document While commending the offer from Cerebos Gregg's, Ltd, the company formed to effect the merger, as being in the best interests of shareholders, Mr Baker suggested shareholders wait until they received the new company’s prospectus and Gregg’s extraordinary meeting on August 3 before returning acceptance forms. “In this way you will be in full possession of the facts relating to the proposals,” he said. The offer document is dated July 17. Deadline for acceptance is August 17. The prospectus offering Gregg’s and Cerebos shareholders participation in the new company will be issued about the end of this month.