Omni Holdings under attack
The group of institutional shareholders in Omnicorp investments yesterday criticised the Swiss Group Omni Holdings A.G., which recently took control of Omnicorp, for secretly buying • further shares in the company. Government Life, National Mutual, and State Insurance said they understand that Omni Holdings has re-entered the market for large parcels of Omriicorp shares at 55c a share, (through their broker Morgan Grenfell. “It is! regrettable that Omni Holdings appears to bri pursuing a 'policy of purchasing shares (from minority) share-
holders with no disclosures to the market, at prices substantially below the 65c a share paid for its majority holding. “This disadvantages the minorities and is contrary to the standards exhibited by Fletcher Challenge in its takeover offer for Petrocorp minority shareholders, which will be at the same price paid to the Government." The institutions said they would continue to pursue the! convening of an extra-! ordinary general meeting of: Omnicorp, as announced last week, and noted that there has as yet been no response from Omni Holdings.
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Press, 18 March 1988, Page 12
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172Omni Holdings under attack Press, 18 March 1988, Page 12
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