E’corp ‘no’ to Maxwell offer

Press, 16 September 1987, Page 38

E’corp ‘no’ to Maxwell offer

By

TIM MURPHY

in London

Equiticorp has firmly rejected an offer from publishing magnate Robert Maxwell to buy the New Zealand company out of the battle for Guinness Peat.

And Equiticorp has also learned that Mr Ron Brierley has entered the fray — last week topping up a sizeable stake in the besieged British company.

Mr Maxwell’s offer of 112 p a share for Equiticorp’s 35.6 per cent stake in the banking and fund management group was spumed by Mr Peter Hunt, of Equiticorp, on Monday.

“We do not welcome these approaches, and are committed to remain a .long-term holder of Guin-

ness Peat shares," he said.

But Mr Maxwell’s intervention was cautiously welcomed by Guinness Peat’s chairman, Mr Alastair Morton.

He told the” Financial Times” that the Maxwell offer — and a separate build-up by the publisher of two million shares in his company“does not cause me any problems.” Equiticorp launched its takeover bid late last month at IlOp a share. Since then, Mr Brierley has amassed a holding believed to be even bigger than Mr Maxwell’s.

Although Mr Brierley’s intentions have not been made known, Mr Maxwell has repeated his offer to Equiticorp at least twice in the past week