CSR increases share holdings

Press, 2 December 1987, Page 41

CSR increases share holdings

NZPA-AAP Sydney CSR now controls 25 per cent of take-over targets Softwood Holdings and 29% of Softwood associate, Timber Holdings.

The director of the resources, building and sugar group said in a statement that CSR had acquired 2.3 million Timber shares, or 8.9% of the company’s issued capital. These shares, bought at the offer price of 275 c, took CSR’s holding in Timber to almost 29%, the company said.

“Consequent upon that purchase, CSR is now entitled to more than 25% of the issued capital of Softwood,” CSR said.

"This entitlement arises

from 9% purchased in the market and from Timber Holdings’ 16% shareholding in Softwood to which CSR is now deemed to be entitled.”

CSR’s S3I7M joint take-over of the two companies, launched on November 13, is pitched at 240 c for each ordinary share in Softwood and 275 c for each Timber share.

Shares in both Softwood and Timber last closed at the offer prices.

Directors of the two companies rejected the bids after receiving the part A statements.

CSR said it intended to post its offers to shareholders of Softwood and Timber on Monday.