McDow raises offer
NZPA-AAP Sydney A New Zealand group, McConnell Dowell Corporation, yesterday turned on the'pressure in a three-way take-over fight for a lightengineering group, Acrow, Australia, with a 25c rise in its offer price to 250 c a share. The higher bid attracted 1.31 M Acrow shares to McConnell Dowell, giving it a 31.551 per cent stake in the Sydney-based company and a keen edge over its rival bidders, Industrial Equity and Boral. McConnell Dowell received F.1.R.8. approval to launch its 225 c-a-share bid late last month. This bid valued Acrow at $9.33 million while the latest offer lifts the full price to $10.36 million. lEL is offering 175 c a share for Acrow and holds 26.65 per cent of the issued capital — a stake which some brokers said could have been sold on the Sydney Stock Exchange yesterday. Boral has pitched its offer at 210 c each and holds 49.9 per cent of Acrow. The McConnell Dowell and Boral bids are conditional upon acceptances totalling 49.9 per cent while the lEL bid has been declared unconditional.
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Press, 3 July 1985, Page 35
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178McDow raises offer Press, 3 July 1985, Page 35
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