Rheem rejects Email offer
NZPA-AAP! Melbourne The board of Rheem Australia lhas rejected whitegoods; manufacturer Email; Ltd's sAust3B7 million (SNZ434.BM|) takeover: [bid announced on Tuesday. I I J-
■ In I;; a statement, the board said lit did not consideijl the pffer reflected the underlying value of Rheem, 61.2 per! cent, owned by [BHP. Co., Ltd, and advised shareholders to take' no | action at this stage j in relation to . their shareholdings. I They said thd Aust23sc a share offer price was 35c .below; the market price I of 270 c for Rheem shares immediately before ; Email’s announcement.! : i I X X Rheem yesterday lost 20c to close at 250 c, i [ said a number of parties had expressed interest in Rheem following I BHP’s | announcement in[ January that it wanted to sell its stake has I part lof its sAust2.7 billion restruc-
ture.! L -X x X A spokesman for Lloyds International, Ltd, ; which is advising BHP on the sale,) said BHP would not do anything with its stake at this stage because at least; one counter bid at a higher price was expected “reasonably shortly?’ • ;
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Press, 24 March 1988, Page 34
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186Rheem rejects Email offer Press, 24 March 1988, Page 34
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