Magnum DB offer firm

Press, 13 January 1987, Page 27

Magnum DB offer firm

PA Wellington Magnum Corp, Ltd, having amassed 60 per cent of Dominion Breweries, Ltd's issued capital, has made its offer for the brewer unconditional. Magnum has the necessary statutory consents, and has received acceptances totalling more than 50 per cent of DB (the minimum level of acceptances specified by Magnum). Since mailing its offer to DB’s shareholders on December 19, Magnum has received acceptances from more than 2500 shareholders (including DB’s major shareholder, Brierley Investments Ltd), representing 60 per cent of the issued capital of DB.

The managing director of Magnum, Mr R. H. Matthew, said in a statementtodaythatthenum-

ber of acceptances had risen sharply as people returned from holidays. The Magnum offer closes on January 30. The chairman of Magnum, Mr T. N. Johnston, said it should not be anticipated that the date for acceptances would be extended. Brierley Investments recently acquired a 51 per cent interest in Magnum. “Whilst presently BIL is not represented on our board, invitations to join the Magnum board are being extended to Bit’s chairman, Mr Ron Brierley; deputy chairman, Mr Bruce Hancox; and chief executive, Mr Paul Collins,” Mr Johnston said. Once Magnum’s offer for DB had closed, consideration would be given to inviting other members of DB’s board to join the Magnum board.