N.Z. bid for U.K. car firm
NZPA staff correspondent
A formal offer for Britain’s main Ford dealer, Frank G. Gates, by the New Zealand motorvehicle importer, distributor and dealer, Colin Giltrap, has been posted to Gates’ shareholders
The £IOM (SNZ27.BM) offer is 120 p cash for each Gates share or of 120 p loan notes. A spokesman for British merchant banker, Samuel Montagu, which is financing the Giltrap bid, said the loan notes would receive commercial rates of interest for three years. The Giltrap offer will close on January 9. The Gates family, which owns more than 56 per cent of the company’s shares, has rebuffed Giltrap and said it is not prepared to sell its shares.
If the bid is successful, Giltrap will become the second New Zealand company with a major interest in the British motor industry. .The Brierley subsidiary, Tozer Kemsley Millbourn, is one of the largest motor trading companies in Britain. In March, it took over Kenning Motor Group, creating the largest Austin Rover franchise in Britain. TKM is also Britain’s largest retailer of BMWs and holds the Alfa Romeo franchise.
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Press, 6 January 1987, Page 24
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185N.Z. bid for U.K. car firm Press, 6 January 1987, Page 24
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