Higher bidder for FTC
The take-over saga for one of the country's largest retailers, Farmers Trading Company, Ltd, took a new turn yesterday with the appearance of a higher bidder for part of the company. Jarden and Company, a Wellington sharebroker, announced that it was standing in the market, on behalf of an unnamed client, for about 10 per cent of FTC. The offer price is 210 c an ordinary share, and 600 c for each specified preference Chase Corporation, which is seeking a full take-over of the Auck-land-based department store owner, is offering 190 c an ordinary share, FTC ordinaries closed on Monday at 195 c and the preference shares were st SSOc. The Chase bid is for
cash, or a swap of one Chase ordinary share for three FTC shares. It has been approved by the FTC board. Jarden's actual order is for 15 million FTC ordinary or specified preference shares; yesterday a little more than 1.5 million shares (around 10 per cent) changed hands at the bid price or over — the closing price for the ordinaries was 211 c, up 16c on the day.
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Press, 23 July 1986, Page 35
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187Higher bidder for FTC Press, 23 July 1986, Page 35
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