iEL in bid for Bell Res.

Press, 18 March 1988, Page 12

iEL in bid for Bell Res.

PA Sydney Turnbridge Pty, jointly owned by Industrial Equity (lEL) and Consolidated Press Holdings (CPH) said it will make an sAustl.sO (SNZI.63) a share offer for Bell Resources Ltd (BRL). lEL’s chairman, Sir Ron Brierley, said the bid was conditional on BRL's acquisition of Bell Group not proceeding. The bid values BRL’s 550.5 million issued ordinary shares at sAustB2s.7 million (SNZB97.SM) and compares with Thursday’s market close

of sAustl.3s (SNZg46) a share. I ! Sir Ron'said the proposed offer was subject to jthe condition that (Bell Resources does not | proceed with the proposed takeover of! the Bell Group, arid specifically that the resolutions ‘ airned at clearing the: way I for the takeover at an extraordinary general meeting on March 23 be defeated or withdrawn. It was rilso subject to the receipt of acceptances for 50.1 per cent of Beil’s issued capital. ( | I Sir Ron' said that lEL/CPH

did not consider the proposed acquisition of Bell: Group on the terms announced to be in the best interests of BRL shareholders and a cash offer was a far more logical and attractive alternative. The I letter follows turnover of about 20.26 million Bell Resources shares on Wednesday and 6.22 million shares yesterday. The; bid comes after criticism by analysts that the bid was more attractive to Bell Group shareholders than to holders of Bell Resource scrip.!