IFC offer for Arahi withdrawn
PA Wellington Investment Finance Corp (IFC) has withdrawn its offer to buy up to 70 per cent of Arahi Properties. Earlier yesterday, IFC said it had offered to buy the entire shareholding of Arahi chairman, Mr Paul Alexander, and the Hawke Group for 65c a share. But late yesterday IFC withdrew its offer, the managing director, Mr Neil Woodhams said. “The situation is very complex, with a number of different parties involved. We are prepared to assist with the resolution of problems provided that the parties act in a responsible and constructive manner,” he said. IFC directors have taken part in discussions with the board of Arahi Properties and its major shareholder groups in an attempt to resolve the impasse which exists between various board members, Mr Woodhams said. These discussions had resulted in IFC making a conditional offer to buy the shares of Arahi chairman, Mr Alexander, but this has now been withdrawn. IFC holds 1.375 m shares (7.2 per cent) of Arabi, Mr Paul Alexander holds 9.3 m shares (48.9 per cent) and the Hawke Group holds 2.7 m shares
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Press, 22 September 1987, Page 38
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187IFC offer for Arahi withdrawn Press, 22 September 1987, Page 38
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