Brierley to pus h joint bid

Press, 24 March 1988, Page 33

Brierley to pus h joint bid

By

MARK SKULLEY

NZPA-AAP i Sydney New (Zealand tycoon. Sir Ron Brierley, , says he will push ahead with hip joint bid for Bell Resourcesi despite indications' from ti|e market that it is too cheap).! ; | Documents 'detailing (the sAustB2s million (SNZB99M)| bid by Sir Ron and Kerry Packer 'are iexpec ed to) be with BRL’s | shareholders within three to fou|r weeks. | The price i of B’. I. shares has risen Isteabily I since | the! surprise AustiqOc (NZl63c) a share bid last week with BRL! up 8c yesterday to (close at 165 c after ' 12.262 j million shares were traded. ' | Analyst Richard Kornman; of brokers: Bain arid;Co, said any bid would have, to start at 200 c a 'share 'before it |wap taken seriously by (Bell chairman Robert Holmes a Coiirt. ] But Sir (Ron ha? ; disputed! market reaction to ■ his |bid! which has] already led to Mr Holmes; a Court dropping BRL's S6B6M, takeo.-er bid for the Bell Group. j , Sir Roni said the 150 c a share bidi was a "big i improvement! on' what shareholders w’ereij looking at a couple of .weeks ago,” ( i But he added that) the isucj cess of the (bid I depended. mostly bn (the |attitude of Mr Holmes |a pourt, whc> control? Bell Group which n;turn has around 421 per) cent of BRL.) Sir Ron said he talkeddaily with Mr! Holmes a fo'urt since the bid; but 'refused ito say whether they;, had discussed its price, j : I | Some! analysts haye | said the bid's SB2SM tag ppce left out |BRL's!SSSOM In|convertible! bonds' which may (have to be redeemed by d successful bidder, (blowing out (the total takeover cost to 51i.375. billion) .1 | IBut Sir Ron said this view was! a ‘('complete misconception;" •). | |'l 11' I Analyst! Mr ffprnman ■ agreed and said jconyenible bonds were counted) as : debt when calculating a company’s asset backing(per shjare. j