FCL sets rules for better offer
By
MARTIN FREETH,
in Wellington
Fletcher Challenge, Ltd, yesterday signalled its willingness to raise its offer price for NZ Forest Products, Ltd, if the Commerce Commission approved the take-over. However, Fletcher’s chairman, Sir Ron Trotter, said the new price would be dependent on a 51 per cent minimum acceptance from shareholders and on no further moves by NZFP, Rada Corporation, Ltd, or any other party to frustrate the bid. Fletcher’s has supplemented its submission to the commission by emphasising the national benefits of the take-over against new international and domestic competition.
Fletcher’s said it had corrected "significant inaccuracies” made by NZFP in its counter submission to the commission. The commission is focusing on public benefits that could outweigh a dominant market position for Fletcher’s that might result from the take-over.
The investigation must be completed by April.
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Press, 18 December 1986, Page 36
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143FCL sets rules for better offer Press, 18 December 1986, Page 36
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