Groups bid for U.P.P.
PA Wellington The main newspaper groups, Wilson and Horton and Independent Newspapers, are competing for control of the Rotorua based United Publishing and Printing, publisher of the “Rotorua Post.”
Wilson and Horton, Ltd announced last evening that it would stand in the market for 50.1 per cent of U.P.P. at $8.50 a share. The company already has the agreement of some larger shareholders to sell, which would bring its stake from its present 19.9 per cent to 33.69 per cent, the “Dominion” reported. The on-market bid is being done through the Auckland broker, Morrow and Benjamin. The 14 per cent already apparently secured amounts to 543,441 shares of the 1.19 million sought in total. I.N.L. announced its intention to make a formal offer to U.P.P. shareholders within an hour of the Wilson and Horton bid.
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Press, 8 February 1985, Page 4
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139Groups bid for U.P.P. Press, 8 February 1985, Page 4
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