Stevens succeeds with NCF bid

Press, 22 June 1985, Page 21

Stevens succeeds with NCF bid

The directors of NCF Kaiapoi, Ltd, yesterday acknowledged that C. S. Stevens and Company, Ltd, has received acceptances giving the firm more than 50 per cent in the capital of the Kaiapoi freezing works co-operative. The NCF directors recommended that farmers accept the Stevens offer because of the changed circumstances and uncertainties about the future structure and trading policies of the company. Stevens Group Properties, Ltd, a subsidiary of C.S. Stevens, the private meat processing group,has the controlling interest in NCF. Stevens launched its takeover bid in April. If Stevens Group Properties decided to declare its offer unconditional the company would cease to be farmer controlled, they said.

“The Stevens boad advises that it is of the opinion that NCF could remain as aco-operative. Discussions are to be held soon regarding the re-structuring of the NCF board.” Policies on matters such

as the issue price and surrender of shares, rebates, and dividends would be determined by the new board. The Stevens offer of $5.85c cash a share would now remain open until July 16.

The chairman of the Stevens group, Mr C. S. Stevens, said yesterday the matter of declaring the offer unconditional “was now under consideration.” The NCF board had agreed to approve the transfer of shares for which acceptances had been received and the Stevens group would now be able to take all necessary steps to pay those shareholders who accepted the bid. An objective of the Stevens group would be to ensure that farmer represtation is maintained on the NCF board, together with suitably qualified independent directors. “We intend to continue to operate NCF Kaiapoi as a co-operative freezing company,” Mr Stevens said. “I hope that the changed attitude of the NCF Kaiapoi

board, in recommending our offer to shareholders, means that the change in control can be completed in an amicable way.”

A letter would be sent to NCF Kaiapoi shareholders next week informing them that the Stevens’ offer had been extended. Mr C. S. Stevens said last evening that he had been disappointed by the NCF Kaiapoi board’s tactics when the take-over bid was first launched, particularly the “poison pill” strategy, which had fallen flat.