Molins shareholders urged to fight bid
NZPA London New Zealander Ron Brierley’s take-over bid for British engineering group Molins was an “opportunistic attempt” to buy the company on the cheap, Molins chairman, Adolf Frankel, has told shareholders. Frankel, with the Molins board, released a letter to shareholders, urging them to fight off the £B3 million (SNZ224 million) bid from TKM — Brierley’s quoted U.K.
vehicle. And the company stiffened its rejection with a forecast for 1987 of profits of at least £lO million, £1 million more than last year. “The advances that Molins has achieved over the last three years — the .new product development, successful rationalisation and further reduction in borrowings — ensure that it has a strong future as an independent company,” Frankel said.
The bid was “an opportunistic attempt by a group whose principal motivation is dictated by short-term investment objectives to buy our company on the cheap.” Brierley, who already holds a 24 per cent stake in Molins, has said the offer will close next Monday. The TKM offer values each Molins share at 250 p, compared with its closing price of 289 p on Tuesday night.
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Press, 16 July 1987, Page 29
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188Molins shareholders urged to fight bid Press, 16 July 1987, Page 29
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