No decision yet on fall HWT offer

Press, 20 December 1986, Page 33

No decision yet on fall HWT offer

NZPA-AAP Melbourne

Mr Robert Holmes a Court, the Perth entrepeneur, will decide early next week if his Bell Group, Ltd, will make a full bid for The Herald and Weekly Times, Ltd (HWT). Yesterday Mr a Court “asked to be excused” from a planned lunch with the board of the Broken Hill Proprietary Company, Ltd, so he could meet HWT directors for the second time in two days and the third time since media magnate, Mr Rupert Murdoch proposed his take-over bid for HWT.

HWT’s chairman, Mr John Dahlsen, and Mr a Court emerged from the HWT’s Flinders Street headquarters yesterday afternoon, and Mr Dahlsen read a prepared statement to journalists.

Mr Dahlsen said Mr a Court had said a “decision on whether he will make a bid for the Herald and Weekly Times Ltd will be made early next week” and that they had agreed to make no further comment at this stage.

Earlier yesterday, Mr Dahlsen told HWT shareholders that Mr a Court was interested in making a full bid for the HWT.

Answering questions at the HWT’s annual general meeting, he said Mr a Court met him and HWT chief executive, Mr John D’Arcy, yesterday “to tell us that he is still interested and that he would like further discussions with the board.”

Asked what parts of the HWT Mr a Court was interested in, Mr Dahlsen said: “The nature of his interest is a full bid for the company.” The part A take-over documents for media magnate Mr Murdoch’s HWT bid, pitched at sAustl2 a share with scrip alternatives, are due to be released before Christmas.

On arrival at the HWT yesterday, Mr Holmes a Court said he would not be making a statement either before or after his meeting with HWT directors.

After meeting the HWT board, Mr a Court said he supported Mr Dahlsen’s

comment that he was interested in a full bid for HWT.

Mr Dahlsen said shareholders should “wait and see” what would unfold. Asked when shareholders could expect a decision, Mr a Court said: “I think that is a fair concern. It is one that I share with Mr Dahlsen.” Mr Murdoch announced his bid, which valued the HWT at SIBBOM, on December 3. HWT directors said they would recommend the Murdoch bid in the absence of a better offer. Mr a Court met Mr Dahlsen and Mr D’Arcy on December 5 for confidential discussions on the HWT’s future.

Stock exchanges reacted to the developments yesterday with the HWT share price fluctuating between $12.25 and $12.55 in Melbourne before ending the day at $12.40, a gain of 20c on Thursday’s close.

Mr Dahlsen told yesterday’s HWT meeting that the company had not held discussions with John Fairfax, Ltd, or any other party.