Young Nick has 67%
PA Wellington Young Nick Holdings, Ltd, has declared its take-over bid for Endeavour Services Corporation, Ltd, unconditional. Young Nick, the vehicle by which the Plowman family is buying back the company it founded, told the Stock Exchange yesterday that acceptances for 67 per cent of Endeavour’s shares had been received, validated and processed. Payment would be made within 21 days. The offer would remain open on an unconditional basis for shareholders who had not yet forwarded their acceptances.
Payment for further acceptances received would be made within 14 days of receipt Young Nick urged shareholders who had not forwarded their acceptances to do so promptly. Omnicorp Investments Ltd, which has bought 19.9 per cent of Endeavour shares and has applied to the Commerce Commission for approval to make a full take-over bid, has advised Endeavour shareholders to delay selling until Omnicorp can resume buying. Young Nick is offering 175 c, while Omnicorp has said its offer will at least equal its previous on-mar-ket bid price of 185 c.
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Press, 11 January 1986, Page 22
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172Young Nick has 67% Press, 11 January 1986, Page 22
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