DFC extends offer

Press, 26 December 1987, Page 7

DFC extends offer

DFC New Zealand has extended its offer for American Strategic Investments (ASI) after the ASI directors adjourned a meeting called to consider a take-over bid from an ASI subsidiary. At a board meeting on Thursday, the ASI directors said that they had approved a bid by ASI Securities at 150 c a share, and rejected recommending the DFC offer of 135 c a share. But, the meeting was adjourned until Tuesday on the basis that the DFC extend its offer from December 31 to January 8. The DFC already owns 88 per cent of ASl’s capital. ASI is a Cook Islandsregistered company, which was formed to invest in small and medium U.S.-based firms. Because of its overseas register, the ASI subsidiary is able to make a bid. The independent directors of ASI — Messrs J. W. Burdett, I. H. Jenkinson, and Mr K. J. O'Connor — said that their “don’t sell” recommendation to ASI shareholders still stood. Steel plan European Community Industry Ministers said they have extended a system which protects the E.C.’s steel production. After lengthy discussion the Ministers agreed unanimously to prolong measures for steel production quotas until mid-1988, originally due to expire on December 31. 1987.